The current cryptocurrency market presents a significant 'institution-retail' differentiation pattern. **At the institutional level**, Bitcoin has become the core investment target. As of September 2025, institutional holdings have surpassed 520,000 BTC, with Bitcoin spot ETFs like BlackRock's IBIT attracting nearly 700 institutions holding 160 million shares, forming a 'historical hoarding wave'. This trend is driven by the high liquidity and compliance advantages of ETFs, coupled with strategies employed by companies like MicroStrategy to leverage BTC through issuing bonds and collateralizing BTC, further increasing institutional reliance on Bitcoin.

**Retail investors**, on the other hand, are trapped in the altcoin predicament: over 80% of asset allocation is concentrated in altcoins, yet 78% of token prices have fallen to three-month lows. Market liquidity is diluted by a massive number of new coins (with $20 billion in selling pressure set to be released over the next six months), creating a 'death spiral'. Low market cap meme coins spawned by on-chain issuance platforms like Pump.fun have surged in the short term, but over 80% of these projects subsequently plummeted, with retail investors becoming the main 'exit liquidity'.

**The DePIN (Decentralized Physical Infrastructure Networks) sector has become one of the few highlights**. RWA (Real World Asset) protocol tokens have achieved a 15-fold increase in this cycle, and AI-related tokens have seen an annual growth rate of 513%, indicating that institutional funds are starting to pay attention to niche areas with practical application scenarios. However, such structural opportunities are only localized; the market overall is still dominated by Bitcoin, with its market share rising to 58.8%, reaching a new high since 2021, suggesting that the traditional 'altcoin season' logic may have become ineffective. #Alpha2.0爆款冲击 #币安投票上币 $BTC