Thread: Three Structural Changes in This Bull Market 1/ Unprecedented Level of Institutionalization ETF approval is just the beginning. Pension funds and family offices are restructuring their allocation ratios. This means volatility will decrease. It also means the window for excess returns for ordinary people is shrinking. 2/ The Turning Point of Macro Liquidity Has Arrived Continuous ETF inflows are just the surface. The real logic is the start of a global easing cycle. Risk assets are facing a comprehensive revaluation. 3/ AI is Reshaping Everything Not just trading. But also content creation, community governance, and even value discovery mechanisms. The old ways are becoming obsolete. Are you ready? --- These three points form the core driving forces of this bull market. Institutionalization reduces volatility but raises the cognitive threshold. Liquidity easing provides the water level, but direction matters more than magnitude. AI transformation is the amplifier of everything. In-depth analysis available via subscription.