This bull market has several characteristics:

​1. Weak bulls; apart from Bitcoin remaining strong, others are not strong, and the broad fluctuations are due to a lack of funds, with altcoin markets generally being active for less than half a month.

​2. There is no incremental market; the overall environment is poor, resulting in new investors not coming in with significant amounts, and everyone is more concerned about their wallets than appearances.

​3. There is no new technological revolutionary breakthrough leading the market; the lack of innovation has resulted in the entire market lacking narrative and imaginative space.

​4. As the market matures, we are approaching the stage where sovereign nations will incorporate cryptocurrencies into their national strategic reserves; once everyone acknowledges this, there won’t be many opportunities left, unlike in the past when many considered it a time with more opportunities resembling a Ponzi scheme.