Insiders in the industry often ask when discussing market trends: "Will this bull market last? Is there still a chance?" Many have said to take profits when things look good, believing good times won't return, and that making money is becoming increasingly difficult.

But the situation isn't as bleak as it seems. The crypto market isn't lacking bull markets; what it lacks are investors who adapt to new rules.

Looking at how previous cycles played out, it's usually the same pattern—emotion + narrative + liquidity in a trinity. Tell a good story, and capital will flock in; altcoin rotations and MEME coins take off, repeating the old script of "ignite and soar." This model has a fatal flaw: it’s completely unsustainable.

What will the next phase look like? Simply put, it will move closer to traditional capital markets. The metrics are quietly changing—from "who can tell the best story" to "who truly creates value." The questions become more concrete: Is there genuine user demand? Can it generate sustainable cash flow? Does it connect to the real world? How many people are actually using it?

MEME coins and air tokens won't disappear, but they will become short-term gambling tools, no longer a gift of the era. The recent MEME market is proof—despite high enthusiasm, it's hard to replicate legends like PEPE. It's not that luck has run out; it's that the market has matured.

Looking at recent movements of leading assets like Bitcoin and SOL, it's clear: capital is re-evaluating "real value," rather than blindly following trends.

The crypto market is standing at a silent crossroads. On one side is emotion-driven trading; on the other is value-based selection. Bull markets will come again, but they will no longer pity those who refuse to change.