Recently, many people have been asking: "Is the bull market still here? Has this four-year cycle become ineffective?"

Every time I see questions like this, I want to tell everyone to lift their heads up and not just focus on the calendar days on the K-line chart.

The so-called "Bitcoin super cycle" may be breaking down. Why? Because previously, our cycles were driven by a single event—the Bitcoin halving—but now, the world's largest economy, the United States, is influencing this market through policies and legislation.

Why are we relatively optimistic about 2026? Not because of any technical indicators, but because the macro environment has changed. Over the past few months, we've seen more countries shift from "rejecting cryptocurrencies" to "discussing how to regulate cryptocurrencies"—this is a significant progress.

For builders, please ignore short-term price fluctuations. If you're worried about the daily ups and downs of coin prices, you won't be able to develop good applications. Prices are determined by market sentiment, which is always volatile. But for long-term builders, 2026 is not an endpoint—it's a new starting point for structural development. Don't expect a sudden explosion like before; this cycle will be slower, longer, but also more stable.

Let go of your anxiety. This industry is only about a decade old, and the best is yet to come.