First, the crypto is in a bear market; second, the ongoing battle continues, and there hasn't been a decent rebound. The past four years have been disappointing for the crypto. The 1/11 rule exploited the crypto middle class, the altcoin crisis exploited retail investors, and the 1+3 rule exploited crypto venture capitalists. Exchanges, market makers, and project teams have only received a continuous drain on resources, with the only financial support coming from Wall Street ETFs and DAT, and a small number of die-hard believers. Furthermore, disruptive innovation in crypto has been slow to materialize. Therefore, is the new bull market simply a result of the four-year cycle or something else?