In the B circle, the fundamentals are that when it rises, it's amazing, and when it falls, it's a scam. The reality is that these technologies are neither particularly special nor innovative; all the targets are selected by funds to make people willingly take over, achieving their goal, which is just a shell game of funds.

The introduction of ETFs has directly changed the structure, allowing traditional old money to enter openly and smoothly, dominating the crypto game. This bull market is fundamentally different from previous ones; the entire trend, rhythm, and timing are all different. This can be seen from BTC breaking its previous high before the halving, which greatly exceeded everyone's expectations.

Not only have retail experts and veteran investors generally missed out and sold off in panic, but even some old institutions' investment strategies have been disrupted. The funds brought by ETFs have led the market to continuously hit new highs, with such strong momentum that exceeds imagination. Even though the technical indicators are already bearish, it can still rise infinitely. With the market's surge, the voices of 'this time is different' and 'eternal bull market' will accompany the entire bull market, but history will inevitably repeat itself, just not in a commemorative way. The road is winding, and a bull market requires focus.