#牛市季来临 12.4 million USD, Ethereum approaches historical highs, total market capitalization stands at 4 trillion, these signals are highly indicative. But at this point in the bull market, is it going to continue rising or nearing a turning point? My judgment is: this round of the bull market is still in the mid-term stage, not yet overheated, but the structure has begun to differentiate. Here is a detailed analysis and layout strategy:

1. Why am I optimistic about the continuation of the bull market? Three major engines are still in action.

1. *Bitcoin: Institutions accumulating coins + macro narrative supporting long-term goals

On-chain data shows that long-term holders (LHP) have not sold off on a large scale, with the daily net transfer volume consistently below 100,000 coins (historical sell-off signal is >100,000 coins), and NUPL (Net Unrealized Profit/Loss) is in the 50%-70% range, which is consistent with healthy mid-term bull market characteristics.

Institutions like Adamant Research predict that Bitcoin still has 4-10 times growth potential, with a target price of 500,000 USD, based on the core logic of global fiat currency depreciation and the decline in the safe-haven function of bonds, funds will continue to flow into Bitcoin as the 'ultimate value storage'.

The holdings of the Bitcoin spot ETF in the US have reached 1.4 million BTC.