Thread: Three structural changes in this bull market 1/Unprecedented degree of institutionalization ETF approval is just the beginning. The allocation ratio of pension funds and family offices is being restructured. This means that volatility will decrease. It also means that the window of excess returns for ordinary people is narrowing. 2/Macro liquidity turning point has emerged The continuous inflow of ETF funds is only superficial. The real logic is the opening of a global easing cycle. Risk assets are facing a comprehensive reassessment. AI is reshaping everything Not just trading. There are also mechanisms for content creation, community governance, and even value discovery. The old gameplay is becoming ineffective. Are you ready? --- The above three points constitute the core driving force of this bull market. Institutionalization reduces volatility, but also raises cognitive barriers. Loose liquidity provides water levels, but direction is more important than magnitude. The AI revolution is the amplifier of everything.