4. Retail investors: including all individual investors including KOLs. How many people are the same as in the previous cycles, "making money in the cryptocurrency circle and spending money in the cryptocurrency circle". To be honest, some people come to the cryptocurrency circle to find a job just because they can't find it in other industries. They withdraw money after getting their salary and don't even buy coins themselves. There are also some matrix accounts, marginal accounts, etc., who withdraw money as soon as they receive advertising fees. I don't know when it started, but the advertising fees have changed from being paid on the chain to being paid directly to the exchange UID. There are fewer and fewer KOLs who accept token payments. As long as U, to be honest, any KOL who is willing to invest in the KOL round is considered to have faith in the industry. . . .