According to online reports, Garrett Jin, the giant whale who had accurately shorted before the crash and sold more than US$4.23 billion in BTC positions to ETH, issued a document saying: The biggest problem in the encryption field is that most projects have no cash flow. In comparison, TikTok is sold for $14 billion in the United States, while many crypto projects without cash flow are valued at tens of billions of dollars. This allows funds to be diverted away from core assets such as Bitcoin and Ethereum. At the same time, trading platforms and stablecoins extract tens of billions of dollars in profits from the entire industry every year without reinjecting healthy capital into the market. As a result, the market lacks liquidity and lacks upward momentum.