Will there really be another bull market in the crypto space? My answer is: yes, but the gameplay has completely changed.

The day before yesterday, I talked with a seasoned player about the market trend. He said that after this cycle ends, he will gradually exit—the reason being fewer opportunities and increased difficulty in making money. But I have a different view.

To put it simply, crypto won't lack bull markets; what’s missing is that kind of "reckless high-profit" bull market.

Looking back at the past few cycles, the three main pillars of a bull market are very clear: sentiment, storytelling, and liquidity. As long as you can tell a good story and know how to hype, you don’t need real value. Altcoins rotate, MEME coins surge wildly, and you can still make money. But this logic itself is unsustainable.

The next phase will be different. Bull markets will increasingly resemble traditional capital markets—not based on whose story is more compelling, but on who is actually doing real work. The market will start asking: Is there actual demand? Can it generate cash flow? Does it connect to the real world? Is anyone really using this thing?

Meme coins, Golden Dogs, and short-term miracles will still appear, but their identities have changed—they are no longer era-driven dividends but purely gambling chips.

This MEME craze already indicates the issue. No matter how much FOMO or emotional amplification, it’s very hard to recreate the miracle of PEPE. Not because of bad luck, but because the market has opened its eyes.

In recent years, the crypto market has given everyone enough time to try, review, and iterate. People may fall into a trap once, but they can’t keep paying tuition in the same pit forever. Market participants are evolving, and their ability to recognize genuine projects is upgrading.

Rather than worrying about whether there will be another bull run, it’s better to understand what we are experiencing—gradually shifting from an emotion-driven casino to a value-oriented market.

Bull markets won’t disappear; they just won’t be friendly to those who refuse to evolve.