How the two largest bull markets in cryptocurrency history occurred

2017: The ICO frenzy and the first crypto bubble

2021: The flood of liquidity and the DeFi, NFT craze

Current Insights: Preemptive easing and the altcoin season

The logic of this bull market is fundamentally different from the past. Due to the vast number of projects, it is no longer possible for the market to replicate the grandeur of 'all coins soaring'. Investors' focus is gradually shifting towards value investing and structural opportunities — funds are more willing to flow into leading projects with real cash flow, compliant prospects, or narrative advantages, while long-tail assets lacking fundamental support are destined to be marginalized.

At the same time, the overall market valuation is already at a high level, and whether the treasury strategy poses a risk of being 'over-financialized' remains uncertain. Once there is a concentrated sell-off by institutions or project parties, it can easily trigger a cascading effect, causing deep shocks to the market. Additionally, with global macro uncertainties (such as tariffs, geopolitical issues, etc.), investors cannot ignore potential volatility.