Bitcoin ≠ coin circle ≠ blockchain !!! !!!

The reason why there is still a bull market logic now is that major capitals and institutions have not yet completely controlled the market. When institutions and capital control more than 50% of the circulating BTC, this market will no longer have anything to do with retail investors.

Whether the bull market is the last one cannot be predicted, but 90% of retail investors do not buy Bitcoin in the first place

You can go and see how many ecosystems ETH has now, and then wait for the upgrade of Kankun to see how many ecosystems there are

Even if Bitcoin returns to zero, this circle will still exist and will continue to develop. Defi, lay2, gamefi, dex, and nft have already formed an industry

ETF is not a necessary condition for a bull market.