Yili Hua reviews the cryptocurrency cycle: bullish in the long term, but must respect the cycles and volatility

Liquid Capital founder Jack Yi stated during a live broadcast at Binance Square on April 8 that since entering the cryptocurrency industry at the end of 2015 and experiencing two to three cycles of bull and bear markets, he still tends to be "long-term bullish," but the premise is not to be overly optimistic and to face the market's cyclicality and "huge volatility." In his view, the pullbacks and rebounds of crypto assets far exceed those of traditional markets, and investors need to maintain clarity and risk awareness amid the volatility.

Regarding the market pressure this year, Yi attributed it to multiple external factors: the unfulfilled expectations of interest rate cuts at the macro level, geopolitical disturbances, slower-than-expected policy advancements, and the cooling of certain narratives (such as "national strategy"); combined with the impact of the four-year cycle, he believes the correction may exceed the original plan. However, he emphasized that this is more about the external financial environment and cycles amplifying short-term volatility, and his core judgment on ETH from a long-term perspective has not changed.

On the strategic level, he believes that the difficulty of primary investments has significantly increased after 2022-2023: early-stage primary project cycles are shorter, and liquidity is released faster, but as market structures and unlocking/circulation arrangements change, the window of opportunity for investors has clearly narrowed, making primary investments "not as easy as before." Therefore, he is gradually reducing his involvement in primary investments and focusing more on research and opportunity capture in the secondary market.

In addition, he emphasized that AI is accelerating the reshaping of the competitive landscape: over the past two to three months, he has invested more effort into learning about AI and promoting the transformation of invested companies towards AI, believing that individuals and teams that do not understand or cannot use AI in the future may be quickly eliminated. In response to external controversies such as "pumping and dumping," he stated that investment ultimately depends on asset value and trends, and large markets are difficult to be driven by a single participant.

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