Morgan Stanley's Chief Information Officer recently stated that the sell-off in April was actually the final capitulation of the last bear market, marking the end of the downward cycle.

The market has now entered a new bull market, but it has only been running for about four months so far. He emphasized that a typical characteristic of a new bull market is shallow pullbacks, which will not easily provide opportunities for investors to get on board. Historically, bull markets usually last at least one to two years or even longer, so the current market is still in its early stages.

This judgment applies not only to traditional stock markets but also serves as a reference for the cryptocurrency market. With institutional funds and sovereign wealth funds continuing to flow in, core assets like Bitcoin and Ethereum are becoming the main allocation direction for capital. If historical patterns hold, this may just be the starting point of the crypto bull market.

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