Will this be the last bull market in the crypto space?

Crypto will not have no bull markets; what truly disappears are the old ways of playing.

Looking back at previous cycles, the driving forces are actually quite simple:
Sentiment, narrative, liquidity.
As long as the story is compelling enough, whether the logic holds is not important;
Altcoin rotations, MEME surges—once one ignites, it gets copied across the entire network.

The problem is, this mechanism itself cannot exist long-term.

The upcoming market will be more like an upgraded version of the capital market.
The criteria for market rewards are changing:
No longer paying for “who can tell the best story,”
But starting to evaluate—
Whether there is genuine demand,
Whether there is sustainable income,
Whether it can connect with the Web2 world,
Whether someone is actually using it.

妖币 (fantasy coins), 金狗 (golden dogs) will still appear,
But their roles are now very clear—
Short-term speculative tools, not the red dividends of the era.

The recent MEME market actually provides an answer.
No matter how much sentiment is amplified,
It’s very difficult to replicate PEPE again.
It’s not bad luck,
But the market is growing up.

In these years, crypto has given participants enough time to experiment.
Falling into traps, reviewing, correcting, evolving—cycle after cycle.
People may make the same mistake once,
But they cannot pay for the same mistake forever.

From the trends of leading assets like BTC, BNB, SOL, you can clearly feel:
Funds are re-evaluating “real value,”
Not just chasing sentiment.

So Mr. Ma is more willing to see the current as a watershed.
Crypto is shifting from a sentiment-driven market
To a phase of value screening.

Bull markets will not disappear,
They just won’t accommodate those who refuse to evolve.