The current cycle has the following differences compared to previous cycles: The deepening participation of institutional investors may alter past market patterns to some extent; BTC continues to consolidate its strong dominant position as a core asset, while ETH faces challenges from emerging public chains and its own inadequate value capture ability, leading to a gradual decline in market share; the Meme sector rises ahead of BTC; the concept of Altcoin Season has weakened and its intensity has diminished.

Looking ahead to the second half of the year, US dollar liquidity and the elections will continue to be important driving factors for the subsequent market developments. In the short term, the direction of interest rate policies and the elections remain uncertain, and the market will be more inclined towards news-based trading patterns, although after the market digests the news, the coin prices experience an equivalent correction. At the same time, global instability, such as geopolitical conflicts, large-scale sell-offs, and panic over a potential US economic recession, has brought negative impacts, leading investors to engage in hedging and panic selling, causing significant volatility in the market.