#数字资产动态追踪 Is this really the last bull market in crypto? I don't think so.

But I want to say—this might be the last round where you can "easily arbitrage" in a bull market.

Recently, I was chatting with a seasoned insider in the industry, and he said something that left a deep impression on me: opportunities are becoming fewer, the threshold for making money is rising, and he plans to gradually reduce his holdings and exit. My view is completely the opposite.

Crypto will always have bull markets; it's just that the game rules have been completely changed.

What did those past bull cycles rely on? Telling stories, hyping up popularity, competing for liquidity. Whether it's real or not doesn't matter—just that the price goes up quickly. But this way of playing is long outdated.

The next phase of the bull market will look different. The market is starting to become more selective—

Does this project have actual users?
Can it generate real revenue?
Is there real demand backing it?
Can it be integrated into real-world scenarios?

MEME coins are definitely still alive, and projects like PEPE won't disappear, but everyone knows—these are just speculative tools, not some trend or dividend.

This MEME craze has already made the point clear. No matter how much enthusiasm is hyped up, it's very unlikely to produce another PEPE. It's not that investors are unlucky, but that the market has truly matured.

Crypto is undergoing a transformation—

From an emotional pasture to a value factory.

The next bull market will definitely come, but it will only favor those willing to evolve.