Recently, everyone has started to predict a bull market peak. In fact, the structure of this round of rising has completely changed, and it is different from any previous period. The main driving force behind this bull market is the outside institutions, and their buying and holding cycles are completely different from retail investors. Therefore, we need to analyze and view the market from the perspective of institutions.

On a macro level, there has been no change. Every time there is a decline, institutions will buy the dip. Yesterday, Bitcoin ETFs re-entered a capital inflow mode, so I believe it is still early to talk about a bull market peak. Accompanying the rise of the market, it will continue to make the old OGs hand over their chips. This process can be understood as absorption and counterattack. Once the chips are fully exchanged, the market will continue to rise.

Before the interest rate cut in September, it is expected that there will be another wave of increase. Only after the interest rate cut expectations are realized will we welcome a real pullback, and that time frame will be in October. There is also a basic consensus in this round, which is that small coins cannot outperform large coins. Large coins are safer than small coins, so everyone should consider leading targets. Although these leading targets have high market values, they really rise when they do; small coins may not necessarily rise.