This is recognized as the most difficult bull market in the history of the industry.

Written by: Blockchain Knight

Although the current crypto market is defined as a bull market, the actual experience is completely the opposite. Bitcoin has set several historical highs, but the upward trend has been dull and unexciting, while the pullbacks have been exceptionally severe, with altcoins generally plummeting over 90%, leading retail investors to exit the market.

Even core supporters are questioning the authenticity of this "bull market." It is acknowledged as the most challenging bull market in the industry's history; Bitcoin has doubled since its low in 2023, yet the market's spirit has become hollow.

This situation stems from three core reasons.

First, institutions have completely reshaped the market landscape. Wall Street giants like BlackRock and Fidelity are not here to speculate; they have taken control of the cryptocurrency infrastructure, custody networks, and tokenized real-world assets, buying up the liquidity channels and compliance pathways that all participants need to rent.

This "fundamental adoption" has solidified the industry's foundation but drained the market's vitality, clashing with the retail-driven speculative culture.

Second, MEME has led to the collapse of industry significance. Once a form of satire, MEME has become the mainstream narrative from 2023 to 2025, with various "community coins" and "animal coins" experiencing viral surges followed by crashes, turning the market into a dead-end DU arena.

Even seasoned industry professionals have fallen into the trap of chasing trends, where retail greed collides with Web3's satirical culture, ultimately resulting in mutual destruction.

Third, the macro environment suppresses risk appetite. Trump's tariff policies have triggered stock market pullbacks and drained liquidity, compounded by persistently high interest rates, leading to soaring capital costs and funding exhaustion, causing risk assets like cryptocurrencies to stagnate. What should have been a "wealth era" for retail investors has ultimately devolved into a long test of patience.

In the end, Bitcoin has become the sole survivor. With institutional capital injection and regulatory recognition, it has remained robust amid the market collapse, validating the sustainability of cryptocurrencies.

The mature form of this bull market lacks the euphoria and explosive growth, instead exhibiting the steadiness that a financial system should have, which has left profit-seekers feeling exhausted.

In this "hollow bull market," the market's creativity, retail vitality, and optimistic spirit have all become collateral damage to progress.

Ultimately, this is the industry's self-punishment for choosing popularity over practicality, reminding us that not all cycles are meant for wealth accumulation; some are simply to remind us of the original intention of entering the market.

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