In fact, the most important thing in each cycle is BTC leading the way, and there is a large amount of overflow funds to drive market prosperity. However, the biggest changes in this cycle are two. One is ETF, which has led to many traditional investors building their positions through ETFs, and even PlanB holders have switched to ETFs. The number of investors who may switch to ETFs in the future will continue to increase. Through data analysis, at least the vast majority of ETF holders are long-term holders. So the profits of ETFs rarely overflow, and even if there is overflow, it is likely to flow between ETFs and US stocks, so very little capital will overflow into altcoins. The second difference is the monetary tightening cycle, which is the biggest difference from the previous three halvings. It is also the time when Bitcoin entered a high interest rate period during its first upward cycle, and high interest rates led to an increase in investors' risk appetite, with more funds invested in "safe haven assets". In the field of cryptocurrency, only BTC can barely be considered a "safe haven", so on the one hand, there are fewer overflow funds, and on the other hand, investors are more cautious, so it is difficult to use the previous 100% carving out of a boat for cyclical changes. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex