This bull market has several characteristics:

​1. Weak bulls, except for Bitcoin which remains strong, others are not strong; the lack of funds has led to wide fluctuations upwards, and altcoin markets generally heat up for less than half a month.

​2. No incremental market; the poor overall environment has resulted in few new investors entering, and they are all financially clean.

​3. There is no new technological revolution explosion point leading the market; the lack of innovation has resulted in no narrative imagination space for the entire market.

​4. As the market matures, the rapid entry point is approaching the stage where sovereign countries will incorporate cryptocurrencies into national strategic reserves; once everyone acknowledges this, there won't be many opportunities left, unlike in the past when many thought it was a pyramid scheme phase with more opportunities.