The current market for large pancakes should be the tail end of the bull market. The reasons are as follows:

1. Trump's popularity continues to wane, and cryptocurrencies related to Trump are continuously falling.

2. The price around 90,000 has met the expectations of most bulls, leading to profit-taking in the spot market.

3. The current market is very similar to the bull market in 2021; all positive news has been exhausted. Once good news is realized, negative sentiment may trigger a rapid decline.

4. K-line analysis has repeatedly tested the hourly lifeline, and a bearish trend has basically formed.