CZ said the Bitcoin "supercycle" concept he previously raised at the Davos Forum has not yet materialized, with market data still pointing to a relatively strict four-year cycle and the market currently in its bear-market phase. He expects volatility to narrow as total market capitalization grows, resembling the trading patterns of large companies such as Amazon and Facebook. CZ described the U.S. regulatory environment as the most favorable for the industry in his 12 years of experience and said U.S. rules have a demonstration effect globally. He also said YZi Labs allocates about 70% of its funds to core crypto and blockchain sectors, 20% to AI and the remainder to areas such as biotechnology. On Hyperliquid, he argued that a compliant U.S. entry for no-KYC platforms could expand access for Perp DEXs and other decentralized services, improve liquidity and pricing for U.S. consumers, and benefit both Hyperliquid and international centralized exchanges including Binance.