The bull run cycle has not broken, the truth is more complex - the behavior pattern of Liquidity has undergone fundamental changes.

The recent movement of global funds is very interesting: in the pursuit of returns, traditional assets (stocks, AI concept stocks, gold) have gained the attention of mainstream capital first due to ample Liquidity and controllable risks. At the same time, institutional investors have been relatively conservative, concentrating their funds on Bitcoin and Ethereum, the two leading cryptocurrencies, while their interest in other tokens has clearly declined.

More critically, stablecoins have not formed a sustained net inflow. This directly affects the rotation rhythm of the entire market—without a continuous influx of "backup forces" into exchanges, the rotation of tokens cannot be initiated at all. In simple terms, this is not a failure of cycle signals, but a collective shift in capital allocation strategies. Understanding this allows for a more accurate assessment of the real trends in the current market.