Recently, I've been pondering a question: Could this be the final bull market cycle in the crypto space?

Some people around me are bearish, thinking that once this cycle ends, it's time to consider exiting. They say opportunities are shrinking, and making money isn't as easy as it used to be.

But I see things differently. The bull market won't disappear; what truly vanishes is that set of gameplay.

Remember those previous cycles? The rules were simple and brutal: a good story, a wave of emotion, and capital following the trend could ignite the entire market. Altcoins surged in relay, MEME coins emerged endlessly, and there was no need to deliver anything substantial. Back then, it was a contest of courage and dissemination—who could tell the loudest story, who would win.

Now, it's completely different. The appetite of capital is changing, and the market's taste is upgrading.

Look at what capital is doing now. They are focusing on tangible assets: Is anyone actually using this? Is there sustainable cash flow? Can it connect to real-world demand? These questions have become the new standards for evaluation.

You can still see various meme coins suddenly skyrocketing, but their identities have changed—they are now short-term trading chips, not assets capable of supporting long-term gains. Just look at the recent MEME market; it's rare to see such a phenomenal wealth-creating story again. This isn't about luck; frankly, the market has matured, and aesthetic standards are evolving.

In the past few years, the market has given everyone ample time to learn, stumble, and self-iterate. Looking at leading assets like Bitcoin and BNB, you can sense a clear signal: smart capital is seeking more stable and solid footholds.

Therefore, I tend to see the current phase as a watershed. The crypto market is gradually evolving from a stage driven by emotion into a more value-oriented arena.

The pulse of the bull market still exists. It just won't cater to those who refuse to change or grow.