The US, China, and South Korea are the three major markets supporting half of the crypto industry. Interestingly, the stock markets in these three regions 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 practical applications of blockchain haven't kept up with expectations, which is quite awkward. Let's review some numbers: since Bitcoin surged to a high of 69,000 in 2021, four years have passed. Bitcoin has barely increased, 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: a rate cut cycle is coming, stablecoins are opening up globally, crypto-friendly policy signals are appearing frequently, and on-chain financial applications are being implemented. The macro and technical outlooks are both optimistic, resembling the dawn before a major 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 will 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 positioning themselves. This signal should not be underestimated.