Is there also a difference in quality among bull markets? From a macro perspective, the economic cycle has entered a phase of oscillation and consolidation. The Industrial Production Index (ISM) has yet to achieve sustained expansion, which means that Bitcoin is unlikely to experience an out-of-control surge. No wonder this round of market has been criticized as the "most difficult bull market"—the data indeed supports this conclusion.

What is the key issue? Many people say as long as the coin price rises, it’s fine and they don’t care about liquidity. But that’s a wonderful illusion. The real situation is: a rise lacking liquidity support often ends up being a mirage. When market liquidity truly tightens, those seemingly "sturdy" gains will instantly become apparent. So instead of fantasizing, it’s better to focus on the alignment of fundamentals and capital conditions.