Why didn’t the crypto market see a broad rally in this bull run? The main reason is the lack of new applications and new models. In 2017, there was ICO; in 2020, there was DeFi; in 2021, there was GameFi. This halving cycle only brought Bitcoin ETFs and asset reserves approval, so funds flowed into $BTC. Meanwhile, exchanges and project teams capitalized on people’s desire to make quick money, hyping up meme coins like crazy. The end result? Most people lost money, and only a very small number of $BTC investors made profits.