At 2 a.m., my phone vibrated again—this is the third friend this week asking me the same question. I half-opened my eyes and replied, "If it really ends, you won't even have the chance to ask."

After experiencing several bull and bear cycles, I understand a phenomenon—bull markets are not just a straight upward surge, but a process of "further, then retreat half a step" to confirm repeatedly. As long as the underlying logic remains, each dip is just to gather strength.

**The earliest signal of liquidity appears**

The Federal Reserve's quantitative tightening is nearing its end. Official statements indicate that they will stop in the coming months, which is very clear—the market's most needed "water" is coming soon. History tells us that once the Fed shifts from tightening to easing, Bitcoin has never been a slow-reacting asset. Now, institutions are watching every meeting, waiting for that turning point. Where will those suppressed funds flow once the shift occurs? It's easy to guess.

**Rules are becoming clearer, and major players dare to act**

Previously, institutions feared regulatory uncertainty the most. But now, the landscape is changing. The CLARITY Act limits excessive regulation power, signaling the advancement of Bitcoin's strategic reserves. The European MiCA framework has been implemented, Hong Kong has launched a dual-currency ETF, and rules in major global markets are becoming more transparent.

Once the rules are set, those large funds that were on the sidelines observing will have a reason to enter. It’s not that the bull market is over, but that the real stage is just being set.