Honestly, the wealth effect in the crypto market has already degraded very noticeably.

From 2024 to now, all the supposed catalysts have arrived: the ETF got approved, institutions have moved in, Trump has been calling trades, rate-cut expectations have been flying everywhere, and MicroStrategy is stockpiling coins every day… The story is told like a fairy tale, but the price just isn’t cooperative. People who are truly willing to pay real money to take the other side are few and far between.
In the past, it was a dividend period—everyone shared the cake together; now it’s a fight over limited supply. What you profit from is someone else’s losses. Some people lose and run, some switch to AI and US stocks, and others just hold on and keep cutting each other.
With no fresh blood and no broad retail money-making effect, how does a big bull market really take off? By drawing big pies on the K-line chart? Or by pure fantasy?
Plainly put, it’s just old capital rotating back and forth—one round of local moves after another, and even the consolidation may have to grind on for a few more years.