Gate Founder Lin Han: Why is it difficult to see a "deep bear market" in the crypto world after $100,000?

Gate founder Lin Han stated in an exclusive interview with Wu on December 16, 2025, that the traditional "four-year halving cycle" is no longer an essential rule for judging bull and bear markets. As Bitcoin production approaches its end, the supply shock brought by halving has become negligible in its impact on the market. Lin Han pointed out that the current crypto market has deeply integrated into the global macroeconomic background, with its volatility logic shifting from industry-driven to being dominated by macro factors such as US stock trends and US dollar liquidity. According to platform data, recent trading volume has slightly declined, but it remains in a relatively healthy range compared to historical bear market phases. Even if prices pull back from highs, Bitcoin still maintains a high-level range.