Sharing a thought I had today. The three key elements of a bull market: 1. Capital 2. Policy 3. Technological innovation. 2017: Capital: 9/10 - The largest capital outflow in Eastern history, the most relaxed environment. Policy: 8/10 - The end of the era of the five ministries' protective charm, the last window where RMB could directly purchase $BTC. Innovation: 9/10 - Marked the end of the $BTC script era, the 0-to-1 of smart contracts. Total: 26/30 2021: Capital: 10/10 - The largest quantitative easing in human history. Policy: 5/10 - The best of times and the strictest of times, ushering in the great offshore era. The ultimate one-size-fits-all. Innovation: 10/10 - The 0-to-1 of DeFi. Total: 25/30 2025: Capital: 5/10 - The first bull market in a deflationary cycle. Policy: 10/10 - The first crypto president, continuous innovation in policy arbitrage. Innovation: 3/10 - A bull market with no on-chain technological innovation. A nightmare for researchers and tech believers. A cycle that shattered faith in technology. Total: 18/30