PANews reported on February 9 that Felix Hartmann, founder of Hartmann Capital, wrote: "I may be too early to say it, but it feels like we are close to the bottom of the market: the funding rate has been negative for some time. The futures premium turned negative a few weeks ago; AI tokens fell 80-99%. High-quality altcoins have retreated to long-term trend lines, erasing the overshoot in the fourth quarter of last year; market sentiment has completely collapsed, which is often the best signal. Stablecoins will not disappear, they need on-chain infrastructure. AI agents are inevitable, and they need non-KYC financial tracks. The BTC wealth effect once drove altcoins, but the ETF era has changed that. Fink expects the SOL ETF to appear soon, and unlike BTC/ETH, there is no Grayscale surplus. This is a pure inflow of funds. The ETF may become the Coinbase/Binance listing effect of this cycle. There is a cultural problem with cryptocurrencies: too much extraction and too little creation. But in the next four years, stablecoins and artificial intelligence will tr​​uly develop. The current desperation is as irrational as the excitement in the fourth quarter of last year. Most of the unlocked VCs 「このトークンは過去2四半期にわたって売却された可能性がある。これがその終焉なのかもしれない。」