Many people say the bull run is over❌

Old Jia insisted on his own opinion this time⚠️
The volatile bull hasn't arrived yet 📈📈📈

I had SuperGrok help me gather the total market capitalization of cryptocurrencies corresponding to the highest BTC prices in 2017, 2021, and 2025. It is clear that the multiples of increase are getting smaller, mainly because hot money has not come in yet. To review and learn anew, let me take everyone back to the last two bull runs 👇
🟠The bull run in 2021 was entirely driven by the unlimited QE policy of the United States. The Federal Reserve turned on the faucet to the max after the pandemic, slashed interest rates to near zero, and pumped about 4 trillion dollars into the market to buy bonds.

Too much money, no interest on deposits, funds are chasing appreciating assets, stocks, real estate, and cryptocurrencies are all soaring. Bitcoin also surged to $69,000 at the end of 2021 under the combined forces of "flooded liquidity + institutional entry + narrative support."

🟢The 2017 round was a typical grassroots bull run driven by the public: no QE, mainly media frenzy + FOMO pulling people in. Bitcoin rose from about 1000 to nearly 20,000, and the total market cap of cryptocurrencies surged to about 600 billion.

At that time, there was an explosive growth in ICOs, and funds flocked to Ethereum and altcoins. In December of that year, CME launched futures, opening up shorting channels, and the sentiment peaked, followed by a rapid collapse. Overall, it was a retail bubble of "media + FOMO + ICO," different from the "institutions + easing" path of 2021.

🔵In the bull run of 2025, the scale of QE is smaller (the Federal Reserve has now shifted to gradually easing liquidity), which perfectly explains the reason for the slowdown in the growth of cryptocurrency market capitalization. The liquidity flowing into cryptocurrencies is not as abundant as it was in 2021.

Everyone should ask themselves, did you make money in this bull run? As for me, I basically didn't make any money, and selling now is like admitting defeat. A bull run is just a process of inflating a bubble, and it gets more ridiculous as it progresses.

Which sector do you think has blown bubbles to an absurd level this year? What I see more is the back-and-forth pull of drawers, where it rises, then falls, then rises again. The biggest reason is that money is tight, and the localized hotspots created are just taking from Peter to pay Paul, then immediately cashing out their positions, dust to dust.

Don't just look at the advertisements, focus on the effectiveness. As long as you're sure that the money hasn't come in and the bubble hasn't inflated, everything else is just a paper tiger. If it really turns into a bear market, I mean if, the possibility is less than 5%. Then switch to BTC and U. BTC is the fundamental asset, withdraw to a hardware wallet, because exchanges may still implode. Store U in large protocols to earn some living expenses and improve off-exchange earning capabilities. Then just endure, endure for another 4 years!

#比特币 # cryptocurrency #牛市 # BTC #Crypto # bull run