The bull market has not officially arrived yet, and the current adjustment is far from being in place. If the adjustment is less, the bull market in the cryptocurrency circle in 2025 will be a lax bull market, and if the adjustment is severe, the bull market in the cryptocurrency circle in 2025 will be a bull market. A round of bull market can be roughly divided into four stages: In the first stage, Bitcoin will definitely rise first, driving a wave of inflows, but everyone feels that there is no innovation.

In the second stage, Ethereum began to lead the rise, and most of the first-layer public chains, second-layer public chains, and decentralized finance will recover and rise.

In the third stage, innovative application coins are soaring, and people begin to discuss that this time is different and there is innovation.

In the fourth stage, the demons are dancing, and the public chains begin to rise wildly. People begin to believe that a new era has begun. If the leeks don’t run away now, they will have to wait another four years.

The current market is just going back and forth in the first stage. The only difference in this cycle is that MEME is an independent market, which can always be played. Refer to the Bitcoin spot ETF after it went online, it fell for 2 weeks before officially entering the rising channel. It is highly likely that Ethereum’s spot ETF will also rise in the short term and then fall back after it goes online.