Is this the last bull run for encryption? I don't think so. I have always believed that there will always be bull runs in the crypto market. It's just that future bull runs are likely to manifest differently. It won't be like before—where altcoins were soaring every day, and prices pumped at random, with various concept coins being speculated wildly. The future bull run is more likely to resemble the traditional stock market. The market will gradually return to a value system, focusing on whether it can create value, rather than pure air and pure stories.

Funds and attention will gradually shift towards: projects that can truly solve problems, products that can genuinely be implemented, and tracks that can really connect with Web2. Of course, in the future, there will occasionally be a few "golden dogs" popping up, and some new altcoins will suddenly be hyped. But to be honest, everyone's expectations for such projects are already very low, and the value and sustainability they can bring are actually quite limited. The old tricks of relying on storytelling, high control, and emotional pumping are becoming less effective. The real future of encryption lies in filling the gaps, paving the roads, and laying the foundations. Those that survive will be those: with a clear path to implementation, with genuine technological breakthroughs, with user-friendly products, smooth experiences, and teams that are sufficiently sincere.

If this round of altcoins can still have a bull run, that would be great; but if altcoins really slowly lose their bull run, it might actually be a healthier and more long-term good thing for the entire crypto industry.