Why is this bull market different from the past?

Because the dominant force in the currency circle has changed: before 2019, the dominant funds for Bitcoin came from the Asia-Pacific and European regions, and gradually shifted to North America after 2019, which explains the divergence between the Fed's interest rate and the Bitcoin market from 2015 to 2017. Since 2019, the correlation between Bitcoin's trend and the Fed's interest rate has increased, and North American capital has begun to dominate the crypto market. The bottom of the bull-bear cycle from the end of 2018 to 2022 came from the Fed's cessation of interest rate hikes, and ended with the Fed's expected start of a new round of interest rate hikes. From 2023 to the present, the market bottomed out when the Fed raised interest rates to a high level. #牛市第二浪