#牛市季来临 Bull Market Season is Coming: Three Key Signals**
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The arrival of the "Bull Market Season" is not an overnight phenomenon; it is driven by multiple strong signals. In the current market, the following three core signals are most prominent:
1. **Bitcoin and Ethereum Prices Reach All-Time Highs:**
* **Bitcoin ($BTC)** broke its all-time high at the beginning of 2024 and continued to set new price milestones in August 2025, with a market cap exceeding $2.5 trillion.
* **Ethereum ($ETH)** followed closely, breaking the $5,000 mark in mid-August and continuing to reach higher price levels.
* **Significance:** The breakthrough of historical highs is the clearest signal of a bull market. This is not just a numerical change in price but represents a complete restoration of market confidence, as well as the beginning of significant new capital entering the market.
2. **Institutional Money's "Buy, Buy, Buy":**
* **The Huge Success of Spot ETFs:** The U.S. spot Bitcoin ETF, since its launch in January 2024, has attracted tens of billions of dollars in capital.
* **Ethereum ETF Following Closely:** The successful launch of the Ethereum spot ETF in July 2025 injected a new wave of capital into the market, with cumulative net inflows exceeding $10 billion.
* **Significance:** The core driving force of this bull market comes from **institutional investors**. They are entering the market through compliant financial products (like ETFs), providing an unprecedented volume of capital, which is fundamentally different from past bull markets driven by retail investors.
3. **Market Narrative's "Diversification" and "Practicality":**
* **From "Speculation" to "Application":** The hotspots of this bull market are no longer purely meme coin speculation but are more focused on projects with **real application value**.
* **Main Hot Sectors:**
* **Real World Assets (RWA):** Tokenizing real assets like real estate, bonds, and artworks, linking traditional finance with blockchain.
* **Combination of Artificial Intelligence (AI) and Blockchain:** Combining AI and blockchain to create new applications, such as verifiable AI, etc.
* **Infrastructure Layer (Layer 1/Layer 2):** High-performance public chains like Solana ($SOL) and Ethereum's Layer 2 scaling solutions address blockchain scalability issues.