Morgan Stanley's Chief Information Officer: This bull run has just begun.

Morgan Stanley's Chief Information Officer recently stated that the selling in April was actually the final capitulation of the last bear market, marking the end of the falling cycle.

The market has now entered a new bull market, but it has only been running for about four months so far. He emphasized that a typical characteristic of a new bull market is shallow pullbacks, which do not easily provide opportunities for investors to get on board. Historically, bull markets usually last at least one to two years or even longer, so the current market is still in the early stages.

This judgment applies not only to traditional stock markets but also provides a reference for the cryptocurrency market. As institutional funds and sovereign wealth funds continue to flow in, core assets such as Bitcoin and Ethereum are becoming the main allocation direction for capital. If historical patterns continue, this may just be the starting point of a crypto bull market.