The last three mini bull markets—October 2023, November 2024, and September 2025—each one was weaker than the last. The main reason was the Fed's quantitative tightening cycle (June 2022 ~ December 2025). As liquidity tightened, the market performance got worse and worse. This crypto market, however, is happening during a quantitative easing cycle. The Fed's balance sheet has finally shown a slight uptick, returning to the levels of August last year. Moving forward, at least tens of billions will be injected into the market every month. What's even more exciting is that this time, we can really look forward to the performance of altcoins. Based on historical data over the years, altcoins can be seen as amplifiers of market liquidity. When liquidity is abundant, altcoins double in gains; when liquidity tightens, altcoins get halved and then halved again. That's the underlying principle. Right now, this moment marks the starting point of this bull market. Clear signal to go long.