Andrei Grachev, co-founder of DWF Labs, recently published an in-depth analysis of the cryptocurrency market. In his article, Grachev shares his unique insights into the cyclical nature of the cryptocurrency market. He states that based on his observations, the cryptocurrency market can be roughly divided into several stages: depression, recovery, bull market, correction, Meme Season, and Perp Season. Currently, the market is in the Perp Season stage, a special period that may indicate a time of stability and adjustment. Grachev emphasizes that while these observations provide a general understanding of market dynamics, they are not investment advice. Investors should make decisions based on their own research (often abbreviated as DYOR) because each market participant's situation is unique. Perp Season usually refers to a relatively stable phase after the market has experienced high growth during a bull market, which may involve price fluctuations but generally sees a slowdown in market activity. For investors looking for opportunities in the market, Perp Season may offer a good opportunity to assess asset value, adjust strategies, and wait for market recovery. In summary, although the current cryptocurrency market is in Perp Season, according to historical patterns, a recovery phase may follow as the market cycle naturally evolves. Investors should remain vigilant and conduct thorough research to make investment decisions that best suit their circumstances.