This round of the bull market has really been underwhelming. The main fundamental reason is that the Federal Reserve announced a decrease in interest rate expectations for 2025. Moreover, the economy has not been good in recent years, and most retail investors are quite poor, having been drained of their resources. Therefore, there is no influx of capital into the cryptocurrency market, and the dynamics of market manipulators have also shrunk accordingly. Market manipulators follow the market closely, and their backend data is crystal clear. Without continuous capital flowing in, they cut their positions in advance. Additionally, as retail investors become more savvy and the base of leveraged traders increases, the process naturally becomes more brutal!