In the second half of the bull market, Wall Street institutions will turn to operate ETH as the main line of the market, thereby driving a surge in altcoins (after all, there is enough space for it), and the retail investors who recently swapped various altcoins for BTC to save themselves will get cut one last time. I think this possibility is quite high. More importantly, the policy landscape is also quietly changing: in the past, global governments had a conservative attitude towards blockchain, such as China's ban, the EU's MiCA framework, and the strong regulation from the former SEC chairman in the US; however, the arrival of the new SEC chairman may become an important signal of a regulatory direction reversal; in the future, more tokens may be listed through US stock ETFs, coupled with global fiat currency inflation and liquidity release, which is expected to propel the market to new heights. Of course, the large-scale listing of ETFs is also a double-edged sword: a capital-driven bubble may burst like the internet bubble of 2000, but it may also lead to the birth of a new order after the bubble.