This market cycle is indeed different; it is no longer a carnival for retail investors, but an epic drama led by institutions and the government.
$BTC has shifted from a halving cycle driven market to the main battleground for institutions after the introduction of ETFs. The traditional four-year cycle has become ineffective, and the market has entered a clearly defined long bull phase, with retail investors holding less and less BTC. If the United States passes the stablecoin legislation, the funding pool in the crypto market will expand significantly, and the rise of BTC will drive the growth of stablecoin size, absorbing more US Treasury bonds and forming a virtuous cycle.
However, the problems are also very evident: under the new high halo of $BTC , $ETH and altcoins have collectively fallen silent. There is a possibility for a catch-up rally in the future, but currently, there are no clear signs. After BTC breaks the new high, it shows some weakness, with insufficient upward momentum and relatively weak market liquidity. This indicates that the real peak of the bull market may still be waiting; perhaps the confirmation of interest rate cuts will be the explosion point!
