#BTC #ETH
This bull market is likely coming to an end. Let's review the entire cycle from the perspective of capital flow:
Bitcoin was the first to complete the narrative. The first wave of the narrative was driven by ETFs, and the second wave was driven by the Trump market.
Then, Sol, a public chain, launched first, relying solely on meme coins. Ethereum followed suit, relying on large-scale purchases by US-listed companies. Finally, Binance, which can't even keep up with the hype, launched its own public chain, BNB, relying on the alpha of baccarat.
Why do I say this about Binance? Aren't the meme coins on Sol also baccarat? This is because the meme coins on Sol were previously only traded on the chain and were not as widely popular among users. However, Binance directly moved the meme coins to CEX and named them a Lpha, relying on CEX's massive user traffic to attract people to directly invest in meme coins, is something Binance, of the Big Three, is the only one to do.
Then there's the question of whether the altcoin season of this bull market has already begun. While the three major public chains mentioned above can still be compared to the previous bull market, the altcoin season truly cannot be compared to the previous one. Consider how many new coins have been listed during this bull market, and the sheer number of altcoins already in the market. Expecting a widespread altcoin boom is impossible. Therefore, when a small group of altcoins sees a 10x or greater increase, it can be considered an altcoin season.
Finally, I believe this bull market is almost over. If Bitcoin stops breaking out on the daily chart and begins to decline, the probability of this happening will increase.