The reason for the end of the bull run is only one, and that is the exhaustion of funds getting on board.

Under what circumstances will funds be depleted?
That is when everyone who should get on board has gotten on board, and everything that can be bought has been bought, and when everyone is out of money and starts to dream about the future.
Think about the scenario during the great bull run of 2021, where people who made millions, tens of millions, or even billions not only didn't take profits but also looked for ways to increase their positions at high levels. They felt that having any cash on hand was a waste. New investors rushed in, buying and buying, whether the price was falling or rising. When they ran out of money, they still took out loans and used credit cards to buy coins, completely lacking any risk awareness. Everyone believed that prices would only rise and never fall, and there was even a consensus that Bitcoin would reach 1 million. No matter how much the market declined, no one believed it was over.

But the market can't rise anymore because everyone has run out of money, even maxed out their credit cards. Those who sold their coins and got on board won't buy back because they made too much profit; those who left the previous bull run early earned hundreds of times.

Looking at it now, $ETH has gone from 2500 dollars to today, and every time it reaches a round number, as soon as there is a pullback, someone says the market is over and sells the coin.

But are they really out of the market? No, they are not. The reason they sold their coins is that they want to buy back at a lower price. Whether it's cutting losses or taking profits, once they sell the coins, they have cash in hand. So regardless of whether the market continues to pull back or directly hits new highs, they will still rush back in with the money, and they can't wait too long because those who are out of the market waiting for a dip are much more anxious than those who are holding onto their coins. Why? Because they haven't made any money yet.

So, no matter how it goes in the short term, the long-term market has not ended. Most people have not made money yet, and the money in their hands is not used up. How can the market end? When retail investors no longer shout that the market has ended, but are trying every possible way to buy coins and increase their positions, then it won't be too late to consider whether the bull run has ended. A major bull run must see a wave of everyone making money; otherwise, how can it be called a major bull run?

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