The bull run cycle of the Crypto Assets market can typically be divided into three distinct phases, each with its unique characteristics and market performance.

The first phase is the Bitcoin dominance period. During this phase, Bitcoin performs exceptionally well, often breaking historical highs. This phase marks the beginning of a bull run, as investor confidence begins to recover.

The second phase is the prosperity period of public chains. With the rise of Bitcoin, major public chain projects like Ethereum have begun to perform exceptionally well. This phase typically lasts until both Bitcoin and Ethereum reach new historical highs.

The third phase is the explosive period for small coins. When Bitcoin and Ethereum are oscillating at high levels, market attention shifts to other Crypto Assets. This stage is often regarded as the final frenzy of the bull run, where small coins may experience astonishing gains.

It is worth noting that many investors tend to lose confidence during the transition period between the second and third phases, choosing to sell off their holdings. This period is often accompanied by market adjustments, testing the patience and judgment of investors.

Understanding these stages can help investors better grasp market trends, but at the same time, they must remain vigilant about market uncertainties and risks. Regardless of the stage, rational analysis and risk management are always key to investing.