The three main forces in the crypto market—China, the US, and South Korea—are currently at a critical juncture. Looking back over the past four years, the performance of Bitcoin and Ethereum has been somewhat disappointing, but the situation is quietly changing now. The interest rate cut cycle is gradually unfolding, and policy trends are increasingly favoring crypto-friendly approaches. These signals, combined together, are beginning to shift market sentiment. Many industry practitioners have observed that the prelude to a bull market is forming. The loosening macro environment, policy shifts, and the re-accumulation by market participants are quietly changing the expectations of the entire ecosystem. How this will evolve remains to be seen, and the coming months will be crucial.