Hashed Partners: This round of Bear Market has not felt substantial fear, and the encryption fundamentals have irreversibly improved.

On November 18, Simon Kim, CEO and Managing Partner of Hashed, stated on social media: “Frankly, as a participant who has traversed through all the bull and bear markets in the crypto market since 2015, this is the first time I do not feel substantial fear during a bear market. While the shrinkage of assets still brings a sting—this is the fate of all bear markets—this time is fundamentally different. Every past bear market was accompanied by survival anxiety, worrying that this technology and market would completely disappear. The threats at that time were real and tangible: governments could jointly suppress crypto assets, or a new ledger technology could emerge that disrupts Blockchain. But regardless of how the prices fluctuate daily, this bear market no longer carries these fundamental concerns. Global regulation is evolving to grow alongside the industry rather than suppressing it, and more and more institutional investors are recognizing the value of such assets. Harvard's endowment fund listing IBIT as a key holding is highly symbolic, and stablecoin metrics are setting records every month. By 2030, the issuance scale of stablecoins will grow dozens of times compared to now, and billions of people globally will be exposed to digital assets through everyday fintech and large tech applications (rather than trading platforms). Everything is being tokenized, and the prosperity of the on-chain ecosystem is already a foregone conclusion. Cyclical fluctuations are temporary, but the fundamentals are irreversibly advancing. Let us remain patient and wait a little longer; the moment when prices rebound to catch up with the fundamentals will not be long.”