In the market trend from years ago, a large project that once attracted a lot of capital quickly collapsed, causing the entire market data to fall into chaos for a time. Interestingly, this type of model continues to emerge during a Bear Market—there is no doubt that they are indeed a highly efficient capital circulation system. But here lies the problem: the inherent flaws of this system are almost unavoidable. Early participants might still escape during the hype window, but later participants often face a concentrated exodus. From this perspective, the Bear Market cycle has created a bizarre breeding ground for these types of projects—risks become more concealed, and the cognitive differentiation among participants becomes more apparent. When a collapse truly occurs, the losses for those who enter later are particularly heavy.