The bull run is still ongoing, and the reason I am certain of this is that the interest rates on USDC and USDT are outrageously high right now. Binance has launched various high-interest packages, such as a 12% wealth management plan for 100,000 USDC, and it is common to see 30% annualized USDT on Web3. Bybit also has around 20% wealth management plans available. These signals are highly similar to the characteristics observed during previous bull run phases. Looking at the leading coins, BTC, ETH, and BNB have all recently reached new highs, but their new highs are not excessively outrageous, and their trends appear healthier. Moreover, other smaller coins have also broken through, establishing a pattern of widespread increases. At the same time, the market has recently experienced frequent rapid rises and falls, resembling typical whipsaw actions. Therefore, overall, I still believe that the bull run is ongoing.