How do we define a slow bull or a fast bull?

1. From the market perspective

1. The current market liquidity: Approximately around 1 million, with institutions taking about 450,000, leaving only about 500,000 in the market. (The institutions that bought in have basically rarely sold out.)

2. The current situation of retail investors in the market: The total amount held by retail investors in the market is about 8 million big coins, with the most concentrated holdings located around the price of 20,000 during this bull market. There are continuous actions from retail investors to enter the market, which may weaken the liquidity of the big coins, but the total amount of capital will continue to increase.

3. Replacing the current SEC with a more lenient crypto chairperson, which will bring more opportunities for this new currency to go on ETF, will indirectly increase the entire market's capital, and it will be a continuous increase.

4. Many new retail investors are continuously entering the market, but the market price is not rising dramatically, indicating that the market is still in the mid-to-late phase of the bull market and has not yet entered a frenzied bull market stage.

5. A proper trend after Trump takes office is what we call the real explosion of the bull market cycle beginning, during which the market may see a rise of around 10,000 points.

2. From the data perspective

1. Looking at institutional data: The market maker has shifted from exchanges to institutions, especially top institutions led by BlackRock, which do not need to depress prices to continuously pump the market; they can consistently lift the market as long as they are willing.

2. From the perspective of long-term holders of big coins in the entire market: 80-90% of big coins are held by long-term holders. About 18% of the total big coins are in the United States, indicating that institutions and holders there can control the trend of the entire big coin.