Has the bull market peaked? This is a life-or-death question. Today, I was discussing with another friend whether the bull market has truly peaked, and I also saw Bruce talking about a similar topic. If we look at cycle theory and some indicators, it does seem like the peak has been reached. But if we consider the U.S. stock market and some other indicators, it feels like it hasn’t peaked yet—some key indicators haven’t diverged enough. However, this bull market has a few distinct characteristics: 1. It surged despite high interest rates; 2. Integrated into the U.S. stock market system, following its fluctuations; 3. Lacks innovation, with only digital gold dancing solo; 4. It was supposed to keep pace with AI, but in reality, it’s so far behind it can’t even catch a whiff of AI’s exhaust fumes. For $BTC holders, this cycle has been undeniably satisfying—they can ruthlessly mock other “altcoins,” including $ETH. But the crypto space is a collective ecosystem. Without more groundbreaking innovations to attract capital and talent, $BTC won’t be able to rise much further. While people often compare gold to $BTC, the truth is that Bitcoin is a relatively new asset, only about a decade old, and it hasn’t gone through enough cycles and tests yet. However, its market size is already substantial. So, in a cycle lacking innovation, $BTC’s market cap is likely to be affected as well. This cycle might not be a “bumper year.” For the overall market cap of the crypto space to see another major breakthrough, aside from external capital like RWA flowing in, it will likely depend more on revolutionary advancements in technology and infrastructure. That’s probably something for the next cycle.