Morgan Stanley's chief information officer recently said that the April sell-off was actually the final capitulation of the previous bear market, marking the end of the down cycle.

The market has entered a new bull market, but it has only been running for about four months. He emphasized that a typical characteristic of a new bull market is a shallow correction, which does not easily give investors an opportunity to get on board. Based on historical experience, bull markets usually last at least one to two years, or even longer, so the current market is still in its early stages.

This assessment applies not only to traditional stock markets but also provides a reference for the crypto market. With the continued inflow of institutional funds and sovereign wealth funds, core assets like Bitcoin and Ethereum are becoming the primary investment targets. If historical trends continue, this may just be the beginning of a crypto bull market.