Although the current market is widely recognized as a bull market, it is actually closer to a small bull market than the big bull market that most people expect. A bull market often has several obvious characteristics:

It gives people the illusion of unlimited funds, as if the market is flooded with a large amount of countless funds.

Novices poured in quickly, new funds outside the market continued to flow, and the huge wealth effect attracted widespread attention.

Currencies in various sectors are rising one after another, new narratives are emerging one after another, and countless hundreds of times coins and thousands times coins are constantly emerging.

However, the characteristics of the current bull market may not fit the above description, and many people may feel a little disappointed. Although liquidity has improved, there are still obvious deficiencies. The scale of funds can only flow into a certain sector, while other sectors are relatively static. Newcomers participate less, and the wealth effect is mainly limited to niche areas. Most people are just perceiving a "bull market" rather than actually participating in it.

BTC remains the dominant force in the market, and its strength attracts large amounts of funds. In sharp contrast, ecosystems such as ETH have not received the same large-scale institutional attention as BTC. In the absence of institutional participation, it is not easy to form a large-scale bull market.