There is only one reason for the end of a bull market, and that is the exhaustion of incoming funds.

Under what circumstances will funds be exhausted?

That is when everyone who should have entered the market has done so, everyone who could buy has bought everything, and when people run out of money and start to dream about the future.

Think about the scene during the bull market in 2021, where people who made millions, tens of millions, or even billions not only didn’t take profits but also tried to find ways to increase their positions at high levels. Even holding a bit of cash felt like waste; new investors rushed in to buy, buy, buy, buying even when prices fell or rose, and when they ran out of money, they were still borrowing in various ways to buy coins, completely lacking any risk awareness. Everyone believed that prices would only go up, even reaching a consensus that Bitcoin would hit 1 million. No matter how much the market fell, no one believed the market had ended.

But the market cannot rise anymore because everyone has run out of money, even maxed out their credit cards. Those who sold coins to exit the market won’t buy back because their profits are too substantial; those who exited in the previous bull market made hundreds of times their investments.

Now look at the current situation, $ETH has gone from $2500 to today, and every time it hits a round number, as soon as there’s a pullback, someone says the market has ended and sells their coins.

But did they really exit? No, they didn’t. The reason they sold their coins is that they want to buy back at lower prices. Whether it’s cutting losses or taking profits, as soon as they sell their coins, they have money again. So no matter if the market continues to pull back or directly hits new highs, they will rush back in with their money, and they won’t wait too long because those who are in cash waiting for a dip are much more anxious than those who hold onto their coins. Why? Because they haven’t made any money yet.

So, regardless of how things go in the short term, the long-term market has not ended. Most people haven’t made money, and they haven’t exhausted their funds, so how can the market end? When will retail investors stop calling for the end of the market and instead think of every possible way to buy coins and increase their positions? It’s not too late to consider whether the bull market has ended. A bull market must have a wave of everyone making money; otherwise, how can it be called a bull market?