It's quite emotional. In 2023, it was generally believed that we were in a process of transitioning to a bull market within the four-year cycle concept.

Looking back now, December 2023 was actually when the bull market began to rise, but at that time, it was easy to judge that we were in a position where it seemed like a stretch to unload, especially since there was still a long time before the halving and the stereotypical impression of a bull market a year after the halving.

That year, there were two major events regarding Binance:

1. Binance paid a staggering $4.3 billion fine.

2. Founder CZ admitted to violating U.S. anti-money laundering laws and resigned as CEO.

I don't need to elaborate on the impact of these two events; I only remember that many people thought there would be a run on Binance.

However, Binance responded directly to the doubts of "insolvency" by proving their assets publicly and committing to transparency, publishing hot and cold wallet addresses, and using on-chain verifiable data, which was key in preventing a run on the exchange.

These measures quickly took effect, and the outflow of funds slowed significantly within a week, turning into a net inflow. By early December, Binance had regained over $3 billion in net inflow, and its market share stabilized. This is also why Binance has been ranked first globally for several consecutive years, with the most user assets in the cryptocurrency exchange market.

From this perspective, we can jokingly say that Binance's sufficient "thickness" has brought about the "early" bull market 🤣. If Binance had collapsed, it would truly have been a bleak winter with no light ahead.