[Tom Lee: The Current Crypto Bull Market Has Begun, Tokenization and AI Applications May Drive Growth Beyond Previous Cycles] According to a report by Jinse Finance, Fundstrat Chief Investment Officer Tom Lee explained in an interview why the current crypto bull market differs from previous cycles. He stated: 'The crypto bull market that is now beginning has been confirmed. As of the third quarter, crypto-related stocks are undoubtedly the best-performing assets.' Discussing the differences in this cycle: 'The 2016–2017 cycle had ICOs; the cycle during the COVID-19 pandemic featured NFTs and meme coins; last year's mini-cycle was driven by stablecoins. These were relatively narrow application scenarios, and the participants were primarily individuals from the crypto industry who returned after previous losses.' Changes in this cycle: 'Tokenization will develop on a very large scale; the regulatory environment is becoming more supportive of the crypto industry; governments are also providing support. At the same time, AI, intelligent agent systems, and related applications are being built around the crypto industry. This means a much larger user base will participate.' On the current market environment: 'The market has already undergone significant price consolidation, in some cases lasting as long as five years. With the arrival of this bull market, not only will there be a decisive breakout, but its duration and upside potential will far exceed previous cycles.'