A friend asked me: Is this the last bull market in crypto?

My view is — not the last bull market, but the final round of "easy money" bull market.

Recently, I was chatting with a seasoned player who said that opportunities are fewer now, money is hard to make, and he plans to gradually exit the market. To be honest, my thoughts are completely the opposite.

Crypto will not have no more bull markets. The rules have just changed.

The previous bull markets were very simple: telling stories,炒情绪, relying on liquidity. Whether the stories were true or not didn't matter; what mattered was the rapid rise. But this kind of pattern was never sustainable.

The next bull market will be different. It will resemble traditional financial markets — no longer hyping hollow narratives, but genuinely looking at whether projects have real demand, can generate income, have a large user base, and whether they can connect with the real world.

MEME coins and妖币 will still exist, but their identities have changed. They have shifted from era dividends to pure speculative tools.

This round of MEME market is proof. No matter how much hype and emotion are created, it’s very difficult to replicate legends like PEPE. It’s not bad luck, but market maturity.

The crypto market is undergoing a transformation — from an emotion-driven casino to a market based on value judgment. The next bull market will indeed come, but it will only belong to those willing to evolve with the market.