China, the US and South Korea are the three main markets supporting half of the cryptocurrency industry. Interestingly, the stock markets in these three places are now all on the rise. Where is the big capital flowing? Stock markets, precious metals, rare earths—everywhere is hot. When the interest rate hike cycle begins, the real-world applications of blockchain haven't kept up with expectations, which is awkward. Let's review some numbers: since Bitcoin (BTC) surged to a high of 69,000 in 2021, four years have passed. BTC has barely risen, but what about ETH? It has long fallen below the levels of four years ago. If I had to describe it with one word, these have indeed been the most disappointing four years for crypto investors.

But here’s where it gets interesting. Bull markets often break dawn at the most desperate times. Let’s look at the current background conditions: the interest rate cut cycle is coming, stablecoins are opening up the global scene, crypto-friendly policy signals are appearing frequently, and on-chain financial applications are being implemented. The macro and technical outlooks are both optimistic, and it really feels like the dawn before a big bull market. When others panic, you should be greedy—that’s no lie. The bull market may come more slowly, but once it starts, the excitement can be quite promising. There are also opinions in the market suggesting that a crypto super cycle is about to begin, with many industry leaders and institutions continuously laying out their plans. This signal should not be underestimated.