If the secondary market does not rise across the board in this bull market, I believe that there will be three manifestations in the process of the next bear market.
1: Some small and medium-sized exchanges will go bankrupt. Large exchanges such as Binance and OK will suddenly face crises in a certain period of time!

2: New retail investors cannot enter, and it is difficult for market makers to sell, resulting in only long-term large market makers making money, and hot money whales and large retail investors cannot make money in this bull market.

3: A large number of retail investors are discouraged and withdraw from the cryptocurrency circle!