Characteristics of this round of crypto market:

1. Less innovation: Less innovation leads to the prevalence of MEME, resulting in insufficient targets to support price investment. This makes this round of value investors particularly difficult.

2. Insufficient long-tail funds: ETF makes it easy for funds to enter BTC, but there is insufficient long-tail funds to enter the cottage. This leads to a rapid rotation of funds in various cottage sectors. Often, unpopular local sectors pull sharply, and there are fewer opportunities to build positions. Building positions on the left side is more challenging to select stocks and patience, while building positions on the right side is easier to stand guard.

3. The bonus period is dissipating: This makes this crypto market less volatile. The increase is not as good as the previous bull market, but the retracement is also smaller.