Tom Lee, Chief Investment Officer at Fundstrat, explained in an interview why the current crypto bull market is different from previous cycles. He stated, "The cryptocurrency bull market that is beginning has been confirmed. As of the third quarter, cryptocurrency-related stocks are undoubtedly the best-performing assets." Discussing the differences in this cycle, he noted: "The 2016-2017 cycle had ICOs; the cycle during the COVID-19 pandemic featured NFTs and meme coins; last year's minor cycle involved stablecoins. These all belong to relatively narrow application scenarios, and the participants were mainly those who returned to the crypto industry after previous losses." Regarding the changes in this cycle, he said: "Tokenization will develop on a very large scale; the regulatory environment is becoming more supportive of the crypto industry; the government is also providing support; meanwhile, AI, intelligent agent systems, and related applications are being built around the crypto industry. This means a much larger user base will be involved." On the current market environment, he remarked: "The market has undergone significant price consolidation, in some cases lasting up to five years. With the arrival of this bull market, not only will there be decisive breakthroughs, but its duration and growth potential will far exceed previous cycles."