Is the market in a bull phase at this moment? In a purely factual sense, yes, it is indeed a bull market, but it's not the grand bull market that most people envision. A significant bull market possesses certain characteristics:摘要：Objectivelyspeaking,itisindeedabullmarket,butonlyasmallone,notthebigonethatmostpeoplehaveinmindThemarketgivespeoplethefeelingthatmoneyisunlimited,overflowing,andmarketliquidityisverygood2...
1. The market exudes the sense that money is abundant, flowing freely, and liquidity is robust. 2. Fresh investors rush into the market, there is a steady influx of incremental funds from outside the market, and the substantial wealth effect captures the attention of web2.
In this scenario, all coins surge in value regardless of sector, new narratives continuously emerge, and coins increase exponentially. However, this time, the bull market seems somewhat lackluster, leaving people feeling somewhat disillusioned. Despite improved liquidity, it is still clearly insufficient, with funds only driving one sector while others remain stagnant. Newcomers are scarce, and the wealth effect is isolated to niche areas. Most individuals merely sense the "bull market" without actually participating in it. While BTC is experiencing substantial growth, it is neglecting the ETH ecosystem that attracts significant institutions. Therefore, can a market devoid of institutional participation truly form a substantial bull market? The answer is plainly no.
