Once the market abandons those empty shell stories and bubble speculation, only truly viable things will emerge. Those participants who have laid a stable foundation in advance will occupy the most advantageous positions in the next round of the market.

Late at night, while chatting with a seasoned player, he calmly remarked: "This might be the last bull market, and I am slowly selling off my assets."

I was indeed taken aback when I heard those words. But then I thought, behind his pessimism, there might be another layer of logic—there will not be a lack of bull markets in the crypto market; it’s just that the future bull markets will appear in a completely different form.

**Turning Point of Madness and Calmness**

His ideas are not unfounded. Just take a look at the current market ecosystem: various concept coins and MEME coins are emerging one after another, but how many projects can truly generate the next hundredfold return? The market may seem prosperous on the surface, but underneath it lies a lack of incremental funds and a continuous decline in investor expectations. Since the phenomenon-level MEME coins have made headlines, there have been no similar breakout events. People are beginning to ask a heart-wrenching question - has the era of relying purely on speculation to drive up prices come to an end?

**What Does a New Bull Market Look Like**

But I believe that the crypto ecosystem will definitely迎来牛市, only its form of performance will be completely renewed.

The next round of the bull market will no longer be the game of harvesting through frequent surges of altcoins and high-cap projects. It will gradually align with the logic of traditional financial markets - returning to the value measurement system.

What does this mean? It means that simply telling stories, creating hype, and attracting attention through packaging will become increasingly ineffective. The market's rewards will gradually shift towards projects that truly produce value, solve real problems, and establish real connections. Concepts and stories are no longer the main drivers of trading; capabilities and results are.

**Why will it definitely change like this**

Participants who have experienced multiple rounds of bull and bear cycles have evolved. They will no longer repeatedly pay for the same story; the market has clearly voted with actual capital flows—if a project lacks real implementation capability, no matter how appealing the narrative, it cannot sustain its popularity.

This transformation may seem brutal, but it is, in fact, an inevitable process for the maturity of the ecosystem. As more and more institutional investors and policymakers begin to intervene in this field, and as crypto assets are gradually incorporated into mainstream asset allocation frameworks, the market must evolve into a more standardized and rational stage.

Those who are still waiting for the next get-rich-quick myth may need to adjust their expectations. The real wealth opportunities will belong to those who start building a solid foundation and laying out substantial projects now.