In the cryptocurrency market, determining the peak of a bull run is not only about watching the calls from institutions or opinion leaders, but also about paying attention to the movements of retail investors. A significant indicator is the user activity on mainstream exchanges.

Taking the well-known exchange Coinbase as an example, due to a surge in user demand recently, its servers were once overwhelmed. This phenomenon often indicates that retail investors are returning to the market on a large scale.

By observing the ranking changes of Coinbase in the app store, we can intuitively feel the market sentiment. Currently, the app ranks around 260th. Historically, it has dropped to over 500th during its lowest point, while reaching the top position during its most glorious period.

This ranking data is actually a true reflection of market sentiment. If Coinbase can return to the top 20 or even the top 30, it likely means we are at the peak moment of a bull run.

It is worth noting that there are currently other factors in the market, such as the rising expectations of a potential interest rate cut by the Federal Reserve, which could further stimulate the development of the encryption market. At the same time, some investors believe that the season for small encryption currencies (commonly known as "altcoins") may be approaching.

However, as rational investors, we should always remain vigilant and not blindly follow market sentiment. Before making any investment decisions, it is essential to conduct thorough research and risk assessment. Remember, the volatility of the encryption currency market is significant, presenting both opportunities and risks.