Cryptocurrency analyst Willy Woo offered insightful insights into the nature of the current bull market. He believes this cycle is unfolding with a different dynamic than past bull markets, with long-term spot investors the primary force driving the rise. Woo recalled that the liquidity that fueled the previous bull market peak came mostly from what he called “paper hands”—short-term derivatives investors. He noted that these investors entered the market for short-term speculative gains but had no intention of staying long-term, thus undermining market stability. The picture is different in the new cycle. Woo stated that this “paper hand” liquidity in derivatives markets is gradually diminishing, while long-term liquidity in the spot market remains strong. However, according to the analyst, this situation isn't a signal of a “super cycle” as some investors believe. “If the spot liquidity of long-term investors starts to decline, the market will quickly revert to a bear trend,” Woo warned. The analyst also noted that two cycles have historically overlapped in the crypto market: the Bitcoin halving cycle and the global M2 liquidity cycle. According to Woo, central banks' money supply increases every four years have aligned these two cycles. However, the situation may change in the coming period. Woo stated that Bitcoin's performance would be tested in the event of a possible global economic contraction and made the following assessment: “If we get a business cycle contraction like in 2001 or 2008, we'll see if Bitcoin reacts like tech stocks or like gold.” *This is not investment advice.