$ETH $BNB $SOL · The attribute of "全面狂暴" may weaken: It is indeed difficult to reproduce the indiscriminate bull market of 2017, where all cryptocurrencies surged by dozens or hundreds of times. The market is transitioning from "wild" to "mature." Maturity means:
· Institutional dominance: The entry of giants like BlackRock and Fidelity has brought in massive funds, but also increased market efficiency. Their research capabilities, informational advantages, and capital scale have reduced the opportunities for "easy money." The game of "retail vs. dealers" is gradually turning into a game of "retail vs. top financial institutions," making it significantly harder.
· Clearer regulations: A global regulatory framework is gradually being established (no matter how slow). This will eliminate a large number of pure scam projects but will also limit the explosive growth space for "wild" projects. Investing is becoming more like "traditional finance," requiring attention to fundamentals, cash flow (such as staking yields), application prospects, etc.
· Huge market size: The market capitalization of Bitcoin has surpassed one trillion dollars. For such a giant to achieve the same astronomical growth of tens of thousands of times over a few years as in the early days is nearly impossible.
· However, "structural bull markets" and "alpha opportunities" will always exist: This will not be the "last" bull market, but it will be a bull market of different forms.
· Beta opportunities (overall market surge) are decreasing: The era where one could easily make money by capturing the rise of Bitcoin and Ethereum is coming to an end, and the growth rates will tend to flatten.
· Alpha opportunities (excess returns) remain substantial: The future wealth creation stories will shift from "any coin will rise" to "which sector or application will explode." For example:
· The next explosive new narrative (such as RWA, DePin, AI + Crypto).
· A killer Dapp capable of capturing millions of users.
· A new technological paradigm (just like the ICOs, DeFi, and NFTs of previous years).
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