Why do I say this? Look at the four points below.

Any bull market in capital markets requires continuous inflows of incremental funds to maintain it. However, currently, all sources of incremental funds in the cryptocurrency market have dried up:

1. Altcoins have collapsed. This round of the cryptocurrency bull market has not generated new altcoin hotspots that successfully attract off-market incremental funds, and there hasn't even been a decent rotation of altcoins. The traditional source of incremental funds that attracted money into the cryptocurrency market and ultimately into Bitcoin has vanished.

2. The Bitcoin spot ETF in the US stock market has shifted from net inflows to continuous net outflows. In the past month, at 10:30 PM Beijing time on every trading day, Bitcoin has almost consistently plummeted, largely because as soon as the US stock market opens, the Bitcoin spot ETF starts to sell off, causing the entire cryptocurrency market to collapse. After the US stock market closes, it rebounds, but as soon as the market opens again the next day, selling starts, leading to further market crashes.

3. The stingy Trump doesn't want to spend a dime. A significant factor in this round of the cryptocurrency bull market was Trump's claim during his campaign that he would include Bitcoin as part of the US government's reserve assets. Market participants thought that the US government would spend money to buy Bitcoin and help us out! But in reality, Trump just talked a big game; he wasn't actually prepared to spend a dime to purchase additional Bitcoin to increase the reserve. So this last hope supporting the bull market has been shattered.

4. The US's tariffs on the globe have lowered the Fed's expectations for interest rate cuts. This round of the cryptocurrency bull market started in December 2022 when US inflation peaked and began to decline, leading the market to anticipate that the Fed would start cutting interest rates continuously, which would benefit all capital markets, thus ending the year-long bear market in cryptocurrencies. However, with Trump recently taking office and starting to impose tariffs globally, the market anticipates this will lead to rising domestic prices in the US and inflation rising, forcing the Fed's pace of interest rate cuts to be interrupted, and in extreme cases, there is even a possibility of interest rate hikes. This has had a huge impact on both the US stock market and the cryptocurrency market, with the Nasdaq continuously breaking below the 120-day and 200-day lines, which has also driven a significant decline in the cryptocurrency market.

Based on the above factors, it is highly likely that this round of the cryptocurrency bull market has ended. A gentleman does not stand under a dangerous wall; going with the trend is the best choice. Of course, in the long run, Bitcoin is still in the process of expanding consensus and increasing participants, but most of the dividends should have been released. The cycle continues, and going with the trend is crucial.