My judgment is that the bull market hasn’t peaked yet. The biggest principle is to see if there’s a collective frenzy, a period where liquidity explodes, and everyone is in profit. Only when that period arrives will there be widespread profit-taking and an opportunity for major funds to collectively exit. Last year, there was actually a wave, but it wasn’t strong enough. The entire market is currently still at the starting point of leveraging up, and most DATs are just getting started.