➤ This bull market has been a bit "high", but now it's a bit "chilly"

Three phases of the bull market: from "small flame" to "big fire", and finally to "overheated"

1️⃣ From early 2023 to October — "Small flame" just emerging

Bitcoin crawled out of the "pit" of 2022, rising from $16,500 to $31,800. After experiencing the "thunder" of Luna and FTX, the market finally showed some signs of recovery.

At this time, the market was still relatively quiet, only showing some localized excitement. For example, Ordi was launched in April, and Pepe in May, but most people were still waiting and the trend hadn't picked up.

2️⃣ From November 2023 to March 2024 — "Big fire" ignites

After Ordi was listed on Binance, its price rose from under $6 to $97. The Bitcoin ecosystem's inscriptions were extremely popular, and other public chains followed suit.

During this period, Bitcoin ETF was approved, the halving expectations came, and the market began to "get high". Solana and Ethereum also rose, Meme coins like Bonk and Wif also had a surge, with Wif's market cap rising from $60 million to $4.5 billion.

At this time, the market had heated up, but it wasn't yet a crazy phase.

3️⃣ From March 2024 to January 2025 — "Overheated"

After Bitcoin consolidated for 8 months, when Trump was elected, the price broke through historical highs, soaring to $100,000. Retail investors began to flood into the chain, and Meme coins exploded like a geyser.

Coins like Hippo Goat, Squirrel, and Act, as well as AI16 and Virtual, all surged.

4️⃣ After Trump launched his coin, the market began to "cool down"

After Trump launched his coin, the market directly "cooled down", continuing to fall. Exchanges were hacked, and the launches by Melania and Mile didn't save it; DeepSeek also punctured the AI bubble in the U.S. stock market, and Web3 AI agents also "fell silent".

➤ All positive news has been realized, and everyone is "waiting for the wind to come"

Now the market has erased the gains from Trump's election victory. The reasons for the decline, aside from the U.S. economy possibly "cooling down", are mainly that all the positive factors from this bull market have been exhausted.

Trump's previous commitments to the crypto market have basically been fulfilled, and what remains are his fluctuating policies and the uncertainty of the Federal Reserve's interest rate cuts.

The total market cap of stablecoins has risen to $226 billion, indicating that there is still money in the market, but everyone is now "lying flat", waiting for new hotspots to emerge.