A few days ago, I was talking with a partner I've been working with for seven or eight years about market trends when he suddenly asked a question—

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

His answer was quite straightforward. Once this cycle ends, he plans to gradually step back. The reason is very practical—opportunities are decreasing, and making money is becoming more difficult.

But my view is completely the opposite.

I believe crypto won't have no more bull markets; what truly disappears are just those outdated methods.

Looking at the past few cycles, you realize that the driving forces are just three things: sentiment, stories, and capital flow. As long as the story is compelling enough, whether the logic makes sense or not doesn't matter. Whether it's meme coin rotations or explosive projects, when one project ignites, the whole network follows and copies. But this mechanism can't survive for long; when everyone is playing the same game, it begins to decline.

What will happen next? It’s more like an evolved version of traditional capital markets.

The market’s evaluation standards are quietly changing—

No longer just looking at who tells the best story, but starting to ask some real questions: Is there genuine user demand? Can the project sustain revenue? Does it have real connections to the Web2 world? How many people are actually using it?

Junk coins and air coins will still appear, without a doubt. But their identities are now very clear—short-term speculative tools, no longer the trend of the era.

The recent MEME craze actually illustrates this point. No matter how sentiment is manipulated, it’s very unlikely to see another project like PEPE that becomes an overnight phenomenon. It’s not that luck has run out; it’s that the entire market is gradually maturing.

In recent years, the crypto space has given everyone enough time to make mistakes, learn, correct, and upgrade. The more pitfalls you’ve stepped into, the wiser you become. Maybe you’ve fallen once in the same place, but you won’t keep paying for the same mistake forever.

Just look at the performance of leading assets like BTC, BNB, and SOL—you can see the signs that capital is re-pricing their "true value," no longer just chasing sentiment.

So I prefer to see this as a dividing line. The crypto market is shifting from a sentiment-driven phase to an era of value filtering. Bull markets will definitely come again, but they will no longer cater to those who refuse to evolve.