Recently, the Crypto Assets market has shown an interesting scene. Unlike usual, we are witnessing a unique Bitcoin bull run, which seems to be driven by specific forces.

The Crypto Assets market has always been regarded as a sensitive indicator of global liquidity. Like a thermometer, it can accurately reflect the market's 'temperature'. When liquidity tightens, even a slight contraction can significantly hinder the Crypto Assets market. Conversely, once liquidity is injected, the market will quickly heat up.

Looking back at the bull run of 2021, what we saw was a typical scene of flood irrigation. Not only Crypto Assets, but almost all asset classes, from large to small, whether sports collectibles or virtual game props, experienced multiple fold increases.

However, the current market environment is quite different. Although overall liquidity is not abundant, Bitcoin still maintains a strong upward trend, while other Crypto Assets remain relatively quiet. This atypical market performance suggests that there may be strong funds deliberately driving up the price of Bitcoin.

There is a view that this wave of market activity is related to Trump. The market has high hopes for the crypto assets friendly policies he might adopt, and this expectation has driven up asset prices. However, with the emergence of policy uncertainties and the independent stance of the Federal Reserve, the market has also experienced some fluctuations.

It is worth noting that many Crypto Assets that have gone through multiple cycles are currently at historical lows, and many tokens that were highly sought after during the last bull run have lost over 95% of their value, with even Ethereum not being spared from this downturn.

This unbalanced market structure has sparked thoughts about the sustainability of the current bull run. Does it represent a new normal for the crypto assets market, or is it merely a temporary anomaly? As the market further develops, we may get clearer answers.