Recently, both Bitcoin and Ethereum prices have hit new highs, but this does not seem to have ignited the enthusiasm of the entire encryption market as expected. Compared to past bull runs, the current market atmosphere appears unusually quiet, leading one to ponder whether this is truly the beginning of a bull market.

In previous bull runs, we often saw a scene of prosperity: investors were eager to find potential high-multiple return opportunities, retail investors rushed to enter the market, and small-cap tokens experienced explosive growth. This widespread enthusiasm further drove mainstream cryptocurrencies like Bitcoin and Ethereum to continue rising.

However, the current market situation is quite different. Despite Bitcoin breaking through $120,000 and Ethereum exceeding $4,700, the overall market response has been unusually calm. Small-cap tokens continue to decline, retail participation is sluggish, and new capital inflows are slow. This phenomenon seems to indicate that the current price increase is mainly driven by institutional investors rather than widespread market participation.

The reason for this situation may be that, compared to the past, the current market lacks the wealth myths and stories of hundredfold returns that can inspire investor enthusiasm. In the absence of these stimulating factors, ordinary investors seem to prefer to avoid risk.

The sluggishness of on-chain activities and the shrinking trading volume of small-cap tokens further corroborate the market's inactivity. In this situation, the "bull run" seems more like a self-satisfaction of institutional investors, significantly differing from the expectations of the broader retail investors.

A truly healthy bull run should be a grand event with widespread participation and diverse developments, rather than merely relying on a few large funds to drive up prices. Therefore, while we pay attention to price fluctuations, we should focus more on the overall activity and participation in the market.

With the speculation of interest rate cuts, the market may welcome new opportunities. However, investors still need to remain cautious and view the current market trends rationally, avoiding being misled by superficial numbers. It will take more time to verify the future direction of the market.