If this round of the bull market ends so hastily, then there may really be no next round of bull market.

Why do I say this? Because the essence of every bull market in the crypto space has never been about 'everyone making money', but rather about most people experiencing the process of 'paper profits'.

Even if in the end they have nothing, most people still feel that 'it's their own fault for not exiting properly', rather than 'there's something wrong with the market itself'.

This is the greatest magic of the crypto market:

It repeatedly lures people into the illusion of 'I was so close to making money'.

It makes people willingly bear the risks of frozen accounts, bans, various policies, and market conditions, just to take a gamble.

But what about this round of the bull market?

If there isn't even the thrill of **'accounts doubling in a day'**, why would retail investors still be willing to enter?

Old users who aren't making money will gradually exit; new users who see no hope will definitely not enter.

Market liquidity will slowly dry up, enthusiasm will gradually fade, and in the end, it may really become a 'place where no one plays'.

At that time, we will become witnesses, witnessing the entire process of the world's largest financial bubble:

From its birth, to madness, and then to destruction.