Recently, I had dinner with a few veteran masters in the circle. They are all people who started accumulating coins very early, with such deep experience that it makes you question life.

While casually discussing the direction of the crypto market, one of them suddenly said something that immediately woke me up:

"Many of you haven't really thought through one issue — the market rotation follows a certain order. Hardware goes crazy first, then software. Semiconductors and tech stocks are part of hardware; this cycle has already been driven up and is now pretty much peaked. Cryptocurrency, in essence, belongs to the software layer."

He paused for a moment and continued, "So, next up, it's this part's turn."

Just this one sentence instantly clarified many ideas for me. From the hardware cycle to the software cycle, from the frenzy in the chip industry chain to the awakening of the blockchain ecosystem — this logical progression is quite solid. Bitcoin, as the core asset of this cycle, might just be beginning to reveal its story.