Leaders from all sides take turns creating momentum, whether it's the super cycle, Ethereum soaring to 250,000, or Bitcoin continuously accumulating as a national reserve... The story of a bull market never runs out, but there's always a lingering feeling that something's not quite right.

Let's look at reality. Liquidity in the crypto market has fallen to its lowest point since 2022, on-chain funds are shrinking, trading volume is declining, and risk appetite is contracting. Is this really what a bull market should look like? Certainly not.

What does a real bull market look like? Price, liquidity, and consensus—these three elements must expand simultaneously, rather than relying on a few "spiritual leaders" constantly shouting to maintain confidence. The more you need to repeatedly emphasize a point, the more it indicates that the market itself can no longer persuade itself. This is a dangerous signal.

The denser the grand narrative, the more scarce real money becomes. Visions can be exaggerated, but liquidity doesn't lie—it's right there. Before funds truly flow back into the market, all discussions about "super cycles" are more of a collective psychological comfort than a trend judgment.