In the past three cycles, there were many similarities. But this cycle is starting to show a completely different pattern. The deep involvement of traditional institutions has become an unavoidable factor in the crypto space. Starting from this cycle, the volatility of $BTC and $ETH will still exist and won’t be small, but it’s unlikely to return to the massive swings seen in the previous three cycles. This means it’s becoming harder to make money from $BTC/$ETH cycle trends compared to before. As for the altcoin market, the chances of widespread gains and high multiples are getting smaller. There will still be 10x or 100x coins, but the probability of picking them is decreasing. Starting from this cycle, it’s becoming harder for regular players, while for highly professional players, the opportunities are still abundant—maybe even more than before.