Why This Bull Market May Be Different? Looking at Future Trends from Historical Causes of Crashes and Recent Legislation and Policies.

In the cryptocurrency space, the alternation between bull and bear markets seems to have become a norm, but the roots of past crashes are not simply 'what goes up must come down,' but are due to structural fractures in the system. The current market is undergoing a profound transformation that promotes long-term and institutional stability, significantly differing from past cycles.

Historical review: The plummet stemmed from a collapse of trust, rather than mere price adjustment.

A review of several significant declines in the crypto market:

In 2018, the ICO bubble burst coupled with SEC regulatory investigations.

In 2022, the collapse of Terra/U ST triggered a chain reaction leading to the collapse of FTX and Three Arrows Capital.

At the end of 2023, exchanges and stablecoins faced continuous regulatory investigations, leading to a complete collapse of market confidence.

The commonality of these events lies in the collapse of the trust system and the disintegration of the market's foundation. Essentially, it is 'risk itself' that has fallen, rather than merely a price bubble.

The difference in this bull market: deep structural and systemic changes.

1. Legislative and policy support is gradually being implemented.

In July 2025, the U.S. (GENIUS Act) officially takes effect, establishing a federal-level regulatory framework for stablecoins for the first time, requiring issuers to maintain a 1:1 reserve of U.S. dollars, U.S. Treasury securities, and other highly liquid assets, and to regularly disclose reserve status while complying with anti-money laundering rules.

The (CLARITY Act) and (Anti-CBDC Act), passed on the same day, respectively regulate the structure of the cryptocurrency market and prohibit the Federal Reserve from launching retail central bank digital currencies (CBDCs).

In early 2025, Trump signed Executive Order №14178, explicitly prohibiting the construction of CBDCs and requiring a digital asset regulatory plan to be formed within 180 days.

2. Bitcoin has become a national strategic reserve asset.

The U.S. government has listed approximately 200,000 bitcoins (confiscated by the Treasury) as national strategic reserve assets, establishing a digital asset inventory system.

As the world's first case of a country officially holding Bitcoin, if this policy is emulated by other sovereign institutions, it will significantly boost Bitcoin's long-term demand and market confidence.

3. Institutions and enterprises continue to deepen their layout.

MicroStrategy, Semler Scientific, and other publicly listed companies continue to increase their Bitcoin holdings, incorporating it into their anti-inflation and asset allocation strategies; after ETF approvals, asset management giants like BlackRock and Fidelity are also steadily building their positions.

At the signing of the (GENIUS Act), industry representatives from Coinbase, Tether, and Gemini were present, reflecting a mutual reinforcement of regulatory and market legitimacy.

Market structure reconstruction: from 'speculation-driven' to 'institutional growth.'

Unlike the past focus on speculative concepts and meme coins, the core narrative of the market in 2025 shifts towards public chain applications, such as the TON payment chain, SUI smart contracts and modular ecosystems, and the efficient DeFi/NFT ecosystem of Solana.

Market participants have shifted from being dominated by retail investors to a diverse ecosystem involving retail investors, ETFs, enterprises, and government participation.

The regulatory framework has shifted from a vague gray area to a clear and defined one, reducing the risk of policy surprises and regulatory uncertainty.

Volatility remains, but the market's foundation is more robust.

It is important to clarify that this does not mean prices will not retrace, but the nature of the risks has changed. In the past, a crisis at the level of Terra could shake the entire system; now, unless a brand-new trust-collapse type of black swan event occurs, short-term adjustments are more a result of liquidity or sentiment changes rather than systemic collapse.

The underlying logic of this bull market is different from the past—legal frameworks are established, compliance paths are clear, and institutions and governments have officially recognized cryptocurrencies as an asset class, with public blockchain ecosystems and applications accelerating implementation. As these elements progress simultaneously, the crypto market is gradually emerging from the 'gray area' towards institutionalization and mainstream acceptance. If one continues to predict the present using past market crash logic, they may overlook a fact: the current adjustment may just be a minor tremor in the process of market maturation, rather than a precursor to a complete collapse.