This round of copycats has not been able to gain momentum. In addition to the lack of new narratives, there should be another reason, which is that there are fewer retail investors. The main force of the bull market in 2017 was retail investors in China and South Korea. The bull market in 2021 is mainly retail investors in the United States (the epidemic received subsidies from the US government). By 2024, the state of retail investors in the United States is a large-scale credit card expectation; retail investors in China cannot deposit funds, and no new retail investors enter the market. The strength of BTC depends on the behavior of institutions after the approval of ETFs.