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 truly develop. The current desperation is as irrational as the excitement in the fourth quarter of last year. Most of the unlocked VCs The token may have been sold off over the last two quarters. This may be the end of it.”