Will this be the last bull market in the crypto industry? My view is: no. But what is certain is that this will be the last "wild growth" bull market.

Recently, I was chatting with old friends in the industry, and they said they plan to gradually retire once this wave of market activity subsides. The reason is straightforward—market opportunities seem to be becoming increasingly scarce, and the difficulty of making money is rising. It sounds reasonable, but my judgment is completely the opposite.

The crypto market will never lack bull markets. It's just that the way to play them has fundamentally changed.

Looking back at the past few cycles, there are only three key factors for success or failure: market enthusiasm, storytelling, and capital inflow. As long as the narrative is compelling, whether the logic is rigorous doesn't really matter. Altcoins take turns dancing, MEME coins surge tenfold or hundredfold, all without any real application support. This "story-driven" model is essentially an illusion, destined not to go far.

So, what’s next? The bull market will evolve into an advanced version of the traditional capital market. The reward isn't anymore for "whose story is perfect," but for "who is truly creating value." Whether there are actual user needs, whether continuous cash flow can be generated, whether there is effective linkage with the Web2 world, and whether the project is genuinely used—these are the core benchmarks.

Of course, meme coin hype and short-term miracles won't disappear, but their roles are now fixed: they are just niche games for a very small group of people, no longer the era of easy profits.

This year's MEME market has actually sent signals: no matter how heated the market sentiment or how intense the FOMO atmosphere, it’s difficult to replicate the kind of mainstream miracle like PEPE. This isn’t bad luck; it’s because the market has truly grown up.

In recent years, the crypto community has been repeatedly hitting walls, summarizing lessons, and evolving itself. No one will fall into the same pit forever; the tuition is paid only once.

Therefore, I tend to see the current moment as a watershed: the crypto market is transforming from an "emotional casino" into a "value arena." Bull markets won't disappear; they just won't cater to those who refuse to upgrade anymore.