The cyclical patterns of the crypto market never change; the key is understanding how to play projects at different stages. Take Walrus as an example—this core infrastructure of the Sui ecosystem exhibits completely different performance logic in bear and bull markets.

In bear markets or capitulation phases, what is Walrus's appeal? The long-term value narrative is clear, the deflationary model is relatively defined, plus there's an ongoing story of institutional positioning. These characteristics give it stronger downside resistance. Comparing across cycles, infrastructure-class projects often actually discover more value during downturns.

But it's different when bull market explosions arrive. As an important component of the Sui ecosystem, Walrus's potential gets reactivated. AI hype, ecosystem application eruptions, surging storage demand—at that point, the elasticity could far exceed expectations. Once the entire Sui ecosystem kicks into gear, underlying storage demand becomes a core driver.

So the key is clarifying your own positioning: are you laying positions during the bear market, locking in and waiting for ecosystem explosions? Or are you dynamically following up during bull markets based on application demand? Rational investment strategy has never been about chasing highs and panic selling, but rather understanding cycles and timing your entries strategically. Which stage do you see as more favorable for entering infrastructure-class projects like this?