Review of the fifth round of Bitcoin bull market:

The first wave: the hot spots are inscriptions, AI, MEME, and local hot spots such as DEPIN, RWA, re-staking, modularization, and the market of mainstream coins.

The second bull market: mainly focused on Bitcoin and its altcoins.

The third bull market: Bitcoin and anonymous coins, Bitcoin altcoins are the main focus, and Ethereum and public chains have become hot spots.

The fourth bull market: mainly focused on DEFI, the metaverse and new public chains.

Summary: A bull market usually has two main hot spots. The main hot spots this time are inscriptions and runes and artificial intelligence in the Bitcoin ecosystem, and others include local hot spots such as new MEME and DEPIN.