TechFlow reports that on March 25, Eli Ben-Sasson, co-founder of Zcash and current CEO of StarkWare, posted on X reflecting on the crypto cycle. He noted that, unlike the previous “crypto winter”—triggered by events such as the Terra collapse, Three Arrows Capital’s failure, and FTX’s implosion, and marked by fraud and excessive speculation—the current bear market exhibits markedly different characteristics. This cycle resembles a “TradFi Bear Hug,” wherein warming regulatory sentiment and accelerated institutional adoption have positioned the crypto industry as emerging financial infrastructure. Yet, this environment has also, to some extent, squeezed the native ethos of “economic freedom and experimental innovation.” Although the crypto industry currently faces constrained short-term innovation momentum and a leadership vacuum, freedom and innovation will ultimately return in the long term—and drive the next wave of growth.
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