Is this the last bull run for encryption? I don't think so. I've always believed that there will always be bull runs in the crypto market. However, future bull runs are likely to manifest differently. It won't be the same as before—where altcoins were flying everywhere, pumps happened without warning, and various concept coins were speculated wildly. The future bull runs are more likely to resemble traditional stock markets. The market will gradually return to a value system, trading on whether value can be created, rather than pure air or pure stories.

Funds and attention will gradually shift towards: projects that can truly solve problems, products that can truly be implemented, and sectors that can genuinely connect with Web2. Of course, in the future, there will still occasionally be a few "golden dogs" popping up, and new altcoins may suddenly get pumped. But to be honest, people's expectations for these types of projects are already very low, and the value and sustainability they can bring are actually quite limited. The old methods of relying on storytelling, high control, and emotional pumping are becoming less effective. The true future of encryption lies in filling the gaps, paving roads, and laying foundations. Only those teams will survive that have clear implementation paths, real technological breakthroughs, user-friendly products, smooth experiences, and a sufficiently sincere attitude.

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