The bull run cycle of the Crypto Assets market shows a unique capital flow pattern, which can serve as an important indicator for assessing market heat. However, accurately predicting the exact time when the bull run ends remains a challenge.

A bull run cycle can usually be divided into four main stages:

First, new funds will preferentially flow into the Bitcoin market. The rise in Bitcoin prices during this phase sets the tone for the entire market, attracting more investors' attention.

Subsequently, when the Bitcoin market starts to rally, investment enthusiasm begins to shift towards large alternative coins such as Ethereum (ETH) and Solana (SOL). During this phase, Bitcoin's dominance in the overall market will decline.

In the third phase, investors' interest shifts towards mid-cap tokens and currently popular speculative assets. This phase is often accompanied by increased market volatility and heightened speculative sentiment.

Finally, meme coins (such as Dogecoin DOGE and Shiba Inu SHIB) have become the focus of the market. The prices of these tokens are primarily driven by emotions, and their peak popularity is usually seen as a signal that the bull run is about to end.

Historical data shows that in 2021, shortly after the total market value of meme coins began to decline, Bitcoin's price peaked in early November and then entered a downward trend.

However, it is worth noting that while the frenzy around meme coins is often seen as an important indicator that the bull run is coming to an end, the Crypto Assets market is influenced by various factors. Therefore, when determining the actual end time of the bull run, it is necessary to comprehensively consider the macroeconomic environment, overall capital flow, and other multiple factors.

For investors, understanding this cyclical pattern can help better grasp market trends, but at the same time, one should remain cautious and recognize the high-risk nature of the Crypto Assets market.