Could this be the final bull market in crypto? My view might be different from what you think.

Rather than the last round, it's more accurate to say this is the last bull market where you can easily make money.

Recently, I chatted with a seasoned player, and his conclusion was quite sobering—opportunities are disappearing, making money is becoming increasingly difficult, and he's decided to gradually exit. But my perspective is completely opposite.

The crypto market won't be without a bull run; it's just that the rules have been completely changed.

Think about how past bull markets played out—relying entirely on sentiment, storytelling, and creating liquidity. Whether the stories are true or not doesn't matter; what's important is the rapid rise. This approach used to be foolproof, but it ultimately can't last long.

What will the next phase of the bull market look like? More like traditional mature markets.

No longer paying for vague stories, people are starting to ask solid questions—does this thing have real demand? Can it generate sustainable revenue? Does it have a genuine user base? Can it connect to real-world applications?

妖币 and MEME coins? They will definitely still exist, but their identity has long been clear—just speculative tools, not the trend of the era.

Just look at this round of MEME market. No matter how much the sentiment is amplified, it's almost impossible to replicate the legend of PEPE. It's not that everyone's luck has run out, but that the market has truly matured.

Crypto is undergoing a transformation—from a pure emotion-driven casino to a market that filters for value.

The next bull market will definitely come, but the ticket only belongs to those willing to upgrade their understanding.