2025, why can't small coins rise? It's not that the market is out of money, but that the 'play' has been completely rewritten.
First, let's talk about the data: the market capitalization of altcoins has secretly reached 75%, but the ones that truly attract funds are still the few top projects, while most projects only ride the margins to gain traffic.
Where does the problem lie? Don't just blame 'liquidity'; the root actually lies in two hidden lines: one is 'innovation blackout', and the other is 'valuation leakage'.
1. Innovation blackout: the story reaches 2025, and no one believes in 'next episode previews' anymore.
The last bull market exhausted 'DeFi 2.0', 'GameFi 3.0', 'Web5'; this year's new project white papers are 90% Ctrl+C/V, not even bothering to change the terminology. The market has been tricked by PPTs, and funds will naturally only recognize two hard currencies: ① real income ② on-chain data.
Valuation leakage: the primary market has consumed all the secondary space.
In 2021, VC crazily elevated valuations, daring to give a $500 million valuation in the seed round, and once a token is listed, the FDV starts directly at $3 billion; the unlocking day becomes the dumping day for retail investors. 'High FDV + low circulation' has become the original sin of new projects, and when retail investors enter the market = standing guard at high positions, who will still play the game with you?
The results are clear:
RWA, DeFi, AI + chain with revenue, users, and scenarios saw a maximum retracement of 30%+ during the bloodbath in October, followed by a quick recovery; purely narrative tokens were directly crushed, with a decline of 80% considered 'gentle'.
Project teams have also learned—short-term pumping = attracting dumping, simply lying flat to build infrastructure, and removing 'pumping' from OKRs. The retail fantasy of 'ten times in a week' is officially offline.
If you want to pick up money in the new map, you need to change the rhythm to three gears:
1️⃣ Wait for the wind: BTC is horizontally boring, only when hot money overflows will things move; keep a close eye on funding rates and exchange inflows, whoever expands first will move first.
2️⃣ Quick decision: the window is counted by the hour, hang orders in advance, directly chase right-side breakthroughs, and don’t get hung up on a few points.
3️⃣ Deep cultivation: turn over Discord, GitHub, on-chain daily activities, and protocol income, leaving only 10% with real bookkeeping; blacklist the rest.
A loose cycle may still come, but there will be fewer tickets. Altcoins aren't dead; they've just evolved from a 'zoo' to a 'gladiatorial arena'—only those who survive are the real fierce beasts. Those who study will eat meat, while those who follow the trend won't even get soup. Quickly click to follow
@比特盈 , keep up and enjoy meat and soup.
#山寨币