2026年7月2日

The stock market has been extremely volatile lately, especially in AI-related areas. These days, it’s the memory sector—however, only when there’s an explosive boom in a bull market can volatility become so intense, which is also something people can’t help but admire. The crypto market is a cycle of short bull runs and long bear markets. So even though a bull market looks unusually lively, it doesn’t last very long. On top of that, given the time required for sector rotation and differentiation, there’s very little time left for retail investors’ holdings to rise. There are many reasons behind this. The most important one is that, as of now, the crypto industry still doesn’t have large-scale real-world commercial applications, so it doesn’t create real value. Another reason is that price fluctuations are extremely dramatic. The bull market rises too fast, which also contributes to a relatively short bull market duration.