To summarize: Bull markets are ultimately driven by "new external funds," not by existing funds playing the game of existing capital. Without a large influx of new funds, the market is merely a zero-sum or even negative-sum game. Without sustainable capital inflows and new users brought by real-world applications, someone will eventually have to "pay the price." Regarding her views on the 2026 market, this post doesn't explicitly state whether she's bullish or bearish on 2026. She's primarily reminding everyone that without strong, long-term incremental capital, bull markets are unsustainable regardless of when they occur, and retail investors are likely to become the bagholders. However, she doesn't deny the possibility of a future bull market, provided there is sufficient capital and actual user growth. In summary: She's not simply bullish or bearish on 2026, but emphasizes the decisive factor of "incremental capital." If new, strong capital enters the market and new application scenarios emerge before 2026, the market certainly has room for a bull market. Conversely, relying solely on internal rotation is unlikely to be sustainable. She expressed a rational and structural view: bull markets are not a matter of time progression or simple cycles, but rather determined by liquidity, capital inflows, and genuine demand. To judge her stance, one could say Dovey Wan holds a realistic position on the market, neither blindly optimistic nor pessimistic, focusing on the "actual progress of capital and its application."