In the short term, stock prices are also affected by supply and demand balance. In the long term, stock prices are most closely related to their intrinsic value. The lifting of share lock-up periods will increase the supply of shares in the short term. A large number of early shareholders and team members will sell, and the market may not have enough understanding of the stock, leading to insufficient buying and a drain on liquidity. This will cause a continuous decline due to oversupply. After the lock-up period ends, as the company's fundamentals continue to improve and investors gain a better understanding of the company, long-term buying demand will exceed supply, and the price will rise. Of course, this is on the premise that the stock price is lower than its value and the fundamentals are still improving. During this period, CRCL fell more than BTC, which is essentially due to the supply and demand imbalance caused by the lock-up period. Such buying opportunities will become increasingly rare in the future; it's equivalent to Satoshi Nakamoto dumping 1 million BTC on the market. UBTECH's current price of 40 was also driven down by early shareholders selling off their holdings. Now, exactly one year later, it has risen to 132, exceeding the initial price by 300%.