There's an ominous feeling. We all say that every market cycle ends with a meme. However, the main narrative of this cycle is memes. Could this signify the end or a turning point in the crypto trend? Speculation 1: The four-year cycle may be over. Bull and bear markets will continue, but they won't be as consistently long four-year cycles. Speculation 2: BTC volatility may not be as high as before. Bull markets won't see such large gains, and bear markets may not see such dramatic drops. Speculation 3: A broad-based rally may not happen again. Speculation 4: After this market cools down, VC token issuance may become more cautious, and the market may no longer buy into various copycat projects and meaningless projects. Speculation 5: Single-point explosive rallies driven by retail investors, like DeFi, Inscription, and Memes, may not happen again. What follows may be a more rational and professional market, jointly driven by institutions and retail investors, with multiple threads such as RWA, AI, and prediction markets.

After this round, the "cycle" has changed, and speculation is gradually becoming a market consensus.