#订单类型解析 My understanding of the cryptocurrency market is: the traditional four-year cycle has gradually become ineffective and is being replaced by a longer-term, institution-led 10-year slow bull market.

1. Long-term holders have a large amount of locked-up assets.

Currently, two heavyweight holders in the market together manage over one million units of assets. Since the peak decline, 95% of the chips remain silent and unmoved, signaling that they are not in it for short-term speculation, but primarily for inflation resistance and allocation. This provides a solid foundation for market bottoming.

2. The technical indicators are releasing reverse signals.

Most charts and models have long indicated a possible 50% adjustment, but core assets have remained strong and consolidated. While surrounding markets are adjusting, it remains steady as a rock; this state of 'not falling is strong' is evidence that the upward trend has not ended.

3. Institutions are still in the initial allocation stage.

The asset allocation ratio of mainstream financial institutions is still extremely low, with many even below 1%. This means the market is still in the early penetration phase. Once the allocation reaches 2% to 5%, it will bring tremendous liquidity momentum.

4. The trend is more mature and aligns with traditional rhythms.

Although this round of increase is not as fierce as in the past, it also means stronger resistance during adjustments, with overall volatility easing. This 'slow bull' situation is what mainstream capital likes — more like standard assets and easier to integrate into portfolios.

5. There is still space for medium to long-term goals.

The current market has fully anticipated a short-term adjustment, making the larger direction clearer. If market sentiment aligns, it is not unimaginable to see a price range of 150,000 to 250,000 in the next 1-2 years.