Today, let's talk about something exciting — the question that everyone has been pondering: "Is the market really going crazy, or is it just the final frenzy?" To delve into this topic, we have invited the big V from the AICoin Dynamic Square — Teacher 10007.

First, let me introduce this expert to our new friends: he is one of the earliest users of our platform, a true industry OG, not only well-versed in the secondary market but also highly sensitive to news. Below is the Q&A from this live broadcast:

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Host: Teacher, after so long in the industry, can you share some insights from your past experiences?
Teacher 10007: When I first entered the industry, I realized that the biggest pitfall in the early days was "unreliable platforms." Then came the ICO bull market in 2017, which was outrageous — you could raise tens of millions just by putting together a white paper and making grand promises. There were legends of hundredfold and thousandfold coins everywhere, and money seemed to come like the wind. But when the tide went out, it exposed the truth: 99% were worthless coins, leaving a mess behind. That wave taught me that relying solely on storytelling and hype won't hold up; ultimately, it’s about whether something has real value. More recently, from 2020 to 2021, things were much more advanced. After DeFi emerged, people realized that crypto could not only be traded but also used for real lending and wealth management; moreover, major Wall Street institutions started buying Bitcoin with real money — this indicated that the industry was beginning to "enter the mainstream." Of course, later on, the NFT and blockchain gaming bubbles were also significant, but this round made me see clearly: technological innovation and the entry of legitimate players are the core driving forces pushing the industry forward. Each cycle's changes are accompanied by industry upgrades and innovations.

Host: What do you think the current market is in terms of its cycle stage?
Teacher 10007: I think it feels more like "a halftime break in a bull market," or the early stage of a "slow bull." Why do I say that? On one hand, the good news is solid — the Bitcoin spot ETF has been approved, which essentially opens the door for Wall Street's legitimate players to come in and buy continuously, something we couldn't even imagine before. On the other hand, everyone feels uncertain: the global economic outlook is unclear, and the question of whether the Federal Reserve will cut interest rates still looms; within the industry, people are constantly talking about AI + Web3 and RWA, but there hasn't been a new exciting breakthrough like DeFi back in the day. That's why the market is so conflicted, fluctuating up for two days and down for one, not charging upward like a frenzied bull.

Host: Compared to the last cycle, what new changes do you see in this one?
Teacher 10007: The changes are huge; it's a completely different game!
First, the players have changed. The last cycle was mainly retail investors having fun, but now the main players are Wall Street institutions. They buy through ETFs, providing a steady and stable buying force, unlike retail investors who are prone to chasing highs and cutting losses, making the market foundation more stable.
Second, the gameplay has changed. Now, there are many more people trading contracts than spot trading; often, market fluctuations are driven by the tug-of-war between long and short positions in contracts, leading to greater and more exciting short-term volatility.
Third, the narrative has changed. The last cycle was about DeFi, NFTs, and other new applications within the circle; this cycle has a bigger story — Bitcoin is recognized as "digital gold" by the mainstream, and people are also considering bringing real assets onto the blockchain.
Finally, regulation has changed. In the past, it was a wild growth with no oversight; now the whole world is watching, and the rules are becoming clearer. In the short term, it may seem like a constraint, but in the long run, it paves the way for the industry, allowing more big money to come in with confidence.

Host: Back to the core question, is it really "going crazy" or just "the last frenzy"?
Teacher 10007: My answer is simple: it's neither crazy nor anywhere near the end.
Saying "it's going crazy" is just scaring oneself. Although some altcoins and meme coins are flying around, the overall market is being steadily pulled by Bitcoin, moving step by step. Where is the money coming from? Mainly from ETFs, clear as day. Moreover, market leverage isn't as exaggerated as in 2021; we are far from the stage where "you can make money with your eyes closed."
Saying "the last frenzy" is even more unfounded. A bull market peaks when everyone believes it will continue to rise, even the aunties at the vegetable market are jumping in. Aren't people still quite cautious now? Furthermore, the ETF faucet has just been turned on, and there’s plenty more water to come. So don’t panic; we are just in the warm-up phase, and everyone is gathering strength for the next big opportunity.

Host: Finally, do you have any advice for the friends in the live stream?
Teacher 10007: For new friends: absolutely don’t get carried away! Don’t listen to people saying which coin can multiply a hundred times and go all in; first, take the time to understand what Bitcoin and Ethereum are. Invest steadily, buy in batches to average your cost — in this circle, longevity is the hard truth.
For old players: now is the time to test your vision and determination. Keep an eye on new tracks and new gameplay to avoid missing out; if you make money, you also need to know when to take profits, selling in batches to secure your gains. Don’t always aim to sell at the highest point; no one can do that; and don’t use the experiences from the last cycle to judge this one; that’s a fool’s errand.
For everyone: the most important thing is to "believe in the cycle." The market has its ups and downs just like the seasons; bull markets are for harvesting, and bear markets are for sowing. Those who can laugh until the end are not the ones who caught a hundredfold coin, but those who maintain a calm mindset and endure the winter to wait for spring.

After hearing so much valuable information, everyone must have gained a lot! Our next "Crypto Dialogue" AMA live broadcast is scheduled for August 27 at 15:00, same time, same place; let’s not miss it!

This article only represents the author's personal views and does not reflect the stance or views of this platform. This article is for informational sharing only and does not constitute any investment advice for anyone.

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