I found out that Ethereum reached a new high by checking my social media over the weekend.
According to my original criteria: only when both Bitcoin and Ethereum break their previous highs can the crypto ecology be considered to have entered its bull market. Therefore, according to the 'definition', the current crypto ecology has entered a bull market.
But it is clear that this 'bull market' is completely different from past bull markets.
In past bull markets, new ecologies and new species would emerge before these two coins broke their previous highs. However, this time, despite the emergence of new ecologies and new species before they broke their previous highs, their status cannot be considered an emergence or explosion so far; at most, it can only be regarded as a slight indication.
This kind of 'bull market' is really too boring.
So when I saw this news, I didn't feel any excitement.
So far, this so-called 'bull market' has only been a bull market for a very small number of coins. The driving force behind this 'bull market' is external capital led by Wall Street. These funds are entering the crypto ecology not broadly, but mainly targeting two coins: Bitcoin and Ethereum.
Regarding Bitcoin, Wall Street sees it as 'digital gold' (I see it as a special digital collectible), and I understand the large-scale buying action as a hope to occupy the asset high ground/anchor point in the future crypto ecology.
As for Ethereum, Wall Street views it as the infrastructure of the future on-chain world (I completely agree with this view), and I interpret the large-scale buying action as a hope to seize control of the infrastructure in the future crypto ecology.
Regarding these two actions from Wall Street, buying Bitcoin is easy to understand, but I believe that the action of buying Ethereum deserves much more attention.
The institutions on Wall Street buying Ethereum are certainly driven by their greed, profit-seeking, and even price manipulation, but on the other hand, they have a plan for ecological layout that cannot be ignored—I believe that institutions will inevitably layout their ecology and develop their projects on Ethereum next.
Any institution with a bit of vision and ambition cannot just focus on the annualized staking yield of 3% to 4% on Ethereum; forming their own ecology on it and seeking long-term, stable, and substantial business income is their greater goal.
Traditional institutions like Robinhood building their own layer-2 expansion on Ethereum is a typical example.
And this is just the beginning; such actions will become more frequent and larger.
I also believe that as more and more such institutions go on-chain, they will not only focus on their own ecology but may also participate in the current on-chain projects that have a wild ecology and are permissionless.
From this trend, although the Ethereum ecology has not had anything particularly outstanding in the past two years, this situation is likely to change in the next one or two years. Because the process of quantitative change to qualitative change is happening, and the results are likely to emerge in the next one or two years.
From this perspective, the rule of the Ethereum-led crypto ecology having a cycle every four years is likely to be broken.
As for the next steps regarding Bitcoin and Ethereum, I will take it step by step. As long as the prices of Bitcoin and Ethereum are not excessively high, I do not plan to sell and will continue to hold, even if the price turns downward from here, I will not mind. As for what kind of price would be considered excessively high, that depends on the situation at the time and my feelings.
In short, I will increasingly diminish my focus on the price of these two coins, and the influence of the price on me will also decrease, leaning more towards long-term holding.
