Life has been busy for a month, and I haven't had time to pay attention to the market.

During this period, Bitcoin rose again, reaching 44,000. It feels really good to let it go and let its balance increase.

Of course, we cannot be blindly optimistic. This is self-cultivation as an old leek.

I'm thinking about closing my position.

I haven’t watched any information or news for a month. As soon as I opened various information websites, a lot of things came into view.

CZ was accused and Binance was fined. Some people say that this is the landing of regulatory boots, which is conducive to the subsequent development of the market and the issuance of ETFs.

Arthur Hayes was asked on the podcast what he thought of this cycle.

Looking back on the last bull market, after Bitcoin rose to new highs, market optimism spread. How many big Vs have vowed that this bull market is different and will not be a four-year cycle. Bitcoin has entered an institutional bull and sustained long-term bull market.

Everyone knows what happened next.

Every time someone says "this time it's different" but it's the same every time.

So, what about this bull market? Still the same?

The institutional bulls that have been talked about since the last bull market have really ushered in the possible approval of BlackRock’s spot ETF application in this bull market. Since 2013, some people have said that artificial intelligence will pose a threat to the blockchain. This year, some people have said that the new narrative may be the combination of artificial intelligence and Bitcoin. The narrative of each bull market is different and the tipping point is different. Some old stories are still being told, and new stories are also being brewed.

It can only be said that when the cycle comes, the market needs a narrative.

The process of more and more people believing in this narrative and joining in is the process of market rising.

When the market is buzzing with people and everyone is overly optimistic and believes that it will keep rising, risks are accumulating.

If you ask me, will the four-year cycle repeat itself? Will we enter an eternal bull market? I have no idea.

However, the most important thing that an old leek learns after being rubbed enough in the market is to always stay awake and in awe.