When will the funds be exhausted? The answer is when all the funds that should have entered the market have already done so, when all the buyers are fully invested, and when the market is overly optimistic about the future.
Looking back at the bull market of 2021, we can clearly see this sign: those who have already made millions, tens of millions, or even billions do not choose to take profits and exit, but instead try every means to increase their positions at high levels, feeling that keeping even a bit of cash is a waste; new retail investors blindly follow the trend to 'buy, buy, buy,' entering the market regardless of price increases or decreases, even going into debt or using credit cards to buy coins, completely lacking risk awareness. At that time, everyone firmly believed that the market would only go up, even forming a consensus that 'Bitcoin must reach 1 million'; even if the market experienced a correction, no one believed the bull market had ended.
But ultimately, the market can't rise anymore—because everyone has exhausted their money, even maxed out their credit card limits; and those who have already sold coins and exited will never come back, as they made hundreds of times their profits in the last bull market by exiting early.
Now looking at the market, taking ETH as an example, since the price was 2500 USD, every time it hits a round number and the market adjusts, someone shouts 'the bull market is over' and hurriedly sells coins.
But have they really completely exited? Clearly not. The core purpose of selling coins is to wait for prices to drop and then buy back at a lower price. Whether it's cutting losses or taking small profits, once they sell their coins, they have cash in hand again. So regardless of whether the subsequent market continues to adjust or breaks through to new highs, these people will soon rush back into the market with their money—those who are waiting in cash for a price drop are far more anxious than those who hold onto their coins, and the reason is simple: they haven't made any money in this round of the market.
Therefore, regardless of how the market fluctuates in the short term, the long-term bull market has not ended. Most investors haven't made money yet, and their funds have not been exhausted; how could such a market possibly see the end of a bull market?
Only when retail investors no longer shout 'the market is over', but instead start thinking of ways to buy coins and increase their positions, can we consider the question of 'has the bull market ended' without it being too early. After all, a true bull market must first see a wave of 'everyone making money'; otherwise, how can it be called a 'bull market'?