The cycles of the crypto market between bulls and bears have never ceased, but the underlying logic of this bull market has quietly been rewritten. To understand this 'difference', one must start from the core drivers of historical collapses and the deep impacts of current institutional reforms—the former reveals the fatal shortfalls of the old cycle, while the latter outlines the survival foundations of the new market.

Historical collapses: The problem was never that 'prices rose too much', but rather that 'foundations became weak'.

The past few major crashes appeared as price corrections, but at their core, they were a chain collapse of the trust system:

• The 2018 ICO bubble burst: Project teams absconded with funds, tokens lacked actual value support, and combined with SEC regulatory checks, it was essentially a 'liquidation after chaotic expansion'.

• The 2022 Terra/UST crisis: The detachment of algorithmic stablecoins triggered a liquidity crisis, with giants like FTX and Three Arrows Capital collapsing one after another, exposing the fatal flaws of 'leveraged abuse and risk transmission without regulation';

• The end of 2023 regulatory storm: Exchanges and stablecoins faced concentrated investigations, and the market fell into panic due to 'unknown compliance', reflecting the underlying anxiety of 'ambiguous legal status'.

The commonality of these events lies in the lack of clear rules and risk firewalls in market operations; any single point of crisis could trigger a systemic collapse.

Current reforms: Three major institutional breakthroughs bolster the 'breakwater'.

The core difference in this bull market lies in the deep restructuring of institutions and structures, building a new market ecosystem through three breakthroughs.

Breakthrough areas, key actions, and underlying changes in the market.

The regulatory framework has shifted from 'vague' to 'clear'. The U.S. (GENIUS Act) regulates stablecoin reserves (1:1 pegged to highly liquid assets), and (CLARITY Act) clarifies the legal status of crypto assets. The 'risk of stablecoin explosions' has significantly decreased, allowing enterprises and institutions to 'enter the market in accordance with regulations', reducing policy uncertainty.

Participants have shifted from 'retail-led' to 'multi-stakeholder governance'. The U.S. has listed 200,000 bitcoins as national strategic reserves, companies like MicroStrategy continue to increase their holdings, and giants like BlackRock are diversifying demand through ETFs, enhancing volatility resistance and avoiding 'panic selling' led by retail investors.

Value support has shifted from 'speculation' to 'application'. The narrative focus has turned to the actual applications of public chains (such as TON payments and SUI smart contracts), with the application layer ecosystem maturing rapidly. Asset prices are transitioning from reliance on 'expected bubbles' to depending on 'actual utility', improving their resistance to declines.

Future Trends: Volatility remains, but the 'collapse logic' has become ineffective.

It should be clarified that price corrections are still the norm, but the nature of risk has fundamentally changed:

• Past corrections may have been 'preludes to systemic collapses', whereas now they are more likely to be 'liquidity rebalancing' or 'sentiment recovery';

• The impact range of black swan events is limited—compliance stablecoins have reserves as a safety net, institutional funds are constrained by compliance frameworks, and single-point risks are difficult to transmit to the entire market.

• Long-term trends rely more on 'institutional deepening' and 'application implementation', rather than short-term speculative funding.

Summary: Don't use old experiences to predict new cycles.

The 'difference' in this bull market is essentially the market transitioning from 'wild growth' to 'institutional development'. The establishment of three major pillars: legal rules, institutional participation, and application implementation, significantly reduces the probability of a complete collapse due to 'trust breakdown'.

Future market volatility is more likely to be 'normal fluctuations' during a maturation process, rather than 'catastrophic collapses' of the old cycle. Understanding this shift in underlying logic is crucial for viewing current adjustments and opportunities more objectively—this may not merely be a simple 'bull-bear cycle', but rather the 'growing pains' of the crypto market moving towards mainstream acceptance.

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