ChainCatcher reports, trader Eugene wrote, "The introduction of global trade tariffs marks a change in world order unseen in over 50 years. Free trade has always been a key factor driving productivity and economic growth, contributing to the largest long-term bull market in history. Shifting from an open stance to protectionism will have far-reaching impacts that will take years to gradually manifest, unless Trump completely abandons his tariff plans. I believe this possibility is very low. This will pose significant long-term resistance to global risk assets.

In the cryptocurrency realm, the structural decline in active developers is perhaps the most concerning issue. In the previous cycle, we could observe developer activity and feel reassured, knowing our industry still benefited from long-term tailwinds. Fast forward 2-3 years, and we have not only failed to produce anything particularly interesting or important, but the future prospects are even worse than before.

In the previous cycle, we looked forward to the launch of ETFs and a better regulatory environment under government leadership supporting cryptocurrencies, as a glimmer of hope at the end of the tunnel. Now that these have been realized, they (once again) failed to meet expectations, and I cannot see anything that will help cryptocurrencies escape their inherent 'Ouroboros' (self-cyclical, self-consuming dilemma).

In the next few weeks to months, I hope to reduce operations in the cryptocurrency space, whether on the long or short side, as I believe this is the wisest choice. Being a believer waiting for a new bull market is no longer contrarian thinking. However, beginning to explore new green fields (undeveloped areas) is contrarian.

For me, the only bright spot is that Bitcoin's use cases and global acceptance are stronger than ever, which may continue to encourage believers to accumulate Bitcoin and achieve good returns (I hope so). Reaching $1 million per Bitcoin by 2035 does not seem far-fetched to me."