Will this be the last bull market for cryptocurrency? I actually think - this is the last naive bull market. Yesterday I was chatting with an old friend, and he said seriously: After this round ends, he plans to gradually exit the crypto market. The reason is very realistic - it feels like opportunities are getting fewer and making money is getting harder. But my judgment is exactly the opposite. Crypto will not be without bull markets, it’s just that the way of playing in bull markets has completely changed. In the past bull markets, the core was three things: Emotion, narrative, liquidity. The story comes first, whether the logic supports it or not doesn’t matter; Altcoins rotate, MEME surges, and there’s no need to realize any value. But this model itself cannot exist forever. The next bull market will be more like an evolved version of traditional capital markets. The market no longer rewards "who tells a better story", but rewards who is really creating value: Is there real demand, is there sustainable cash flow, Can it connect with the Web2 world, Is there anyone really using it. Of course, you will still see meme coins, golden dogs, and short-term miracles. But their positioning is already very clear - Speculative items, not a generational dividend. This round of MEME market has actually given the answer. No matter how much FOMO, how much to amplify emotions, it’s hard to replicate a PEPE again. This is not because luck has gotten worse, but because the market has matured. In recent years, crypto has given enough time, for participants to repeatedly step on pits, review, correct, and evolve. People may fall in the same place once, but they cannot keep paying tuition in the same place forever. So I prefer to see now as a turning point: Crypto is moving from an emotional casino, towards a value market. Bull markets will not disappear, it’s just that they will no longer cater to those who are unwilling to evolve.

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