Bitcoin dominance reaches a four-year high: a weird bull market under liquidity exhaustion and lack of innovation

Bitcoin has no major fluctuations for the time being, a number of mainstream currencies are weak, and small currencies are even more miserable, and the market is in a mess. After experiencing this round of bull market, it suddenly occurred to me that Bitcoin's share of the currency circle has climbed to 61%, a four-year high. The truth of not making money may be hidden in this data-although the market has been looking forward to it, in the end, only Bitcoin has remained at a high level. Why is this round of bull market so weird?

Liquidity issues are the first to bear the brunt

Once upon a time, the currency circle had abundant liquidity and innovative projects emerged in an endless stream; but this round has not seen any substantial breakthroughs. VCs are sharpening their knives in front, and conspiracy groups are setting up schemes to cut leeks in the back. In the end, Trump's "Presidential Coin" completely exposed the dilemma of liquidity exhaustion. Lack of liquidity, the market is as we see now: there is no resistance to falling, and a small amount of chips can smash a deep pit.

Lack of innovation is the essence

Except for last year's inscriptions and AI AGENT, there are almost no new narratives. From a macro perspective, these two "innovations" have not been effectively implemented so far, and they are still in the MEME category in essence. MEME coins are the product of the last bull market, not this round. The lack of innovation has led to mutual harvesting of funds on the market. Although it has attracted some off-market funds, it is difficult to resist the crazy influx of "pig-killing plates". Sometimes I can't help but sigh: there may be more industry practitioners than leeks, and it is still unknown who will be harvested in the end.

Future Outlook

It is unlikely that there will be phenomenal blockchain products in the currency circle in the short term, and the form and timing of the breakthrough still need to be observed. What is relatively certain is that Bitcoin is unlikely to plummet in the traditional sense. If it encounters a sharp drop, it may be a good opportunity to buy.

The direction of ETH's innovation is still unclear. Although traditional institutions have invested heavily in the market, funds on the market continue to panic sell. When can external funds restart their layout? The cycle may be long, and it is not ruled out that panic plates will be smashed again-after all, there are still many "mouths" who are unwilling to hand over their chips.

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