1. The Cash Flow of the 2024–2025 crypto cycle is distinctly different

In previous cycles, cash flow typically followed the model: BTC → ETH → Major Altcoin → Meme Coin. But in 2024, the order is reversed: Meme coins like BONK, WIF, PEPE are rising before cash flows into major altcoins like SOL, ETH. This is a signal that market sentiment has changed: cash is no longer flowing in the old pattern.

2. Major institutions are taking the lead

The year 2024 can be seen as a new turning point for the crypto market when BTC ETF was approved in the largest financial market in the world, the USA, facilitating the flow of capital from Wall Street. For the first time, the crypto market is being driven by cash flows from large financial institutions. After 5 months, Bitcoin Spot ETFs have attracted over 53 billion USD, pushing BTC to new heights while ETH and Altcoins have not increased proportionately. BTC is gradually becoming a long-term investment asset, no longer just a speculative tool as before.

3. Meme coins explode early – a big surprise

Projects like BONK, WIF, PEPE... have surged, going against old logic. Tools like Pump.fun on Solana make it easy for people to create meme coins → creating a 'crazy speculative wave'. Some new meme coins have increased hundreds of times in just a few weeks, with some projects reaching a market cap of over 1 billion USD without any specific product.

4. Retail investors are playing by new rules

Retail investors are no longer patient waiting for cash to flow through layers. They accept higher risks, investing in meme coins or 'quick up, quick down' tokens, mainly due to FOMO or the desire to earn profits as quickly as possible. This clearly reflects a change in behavior: prioritizing short-term opportunities over foundational investments.

5. The shift from 'belief' to 'behavior'

In the past, crypto investment often involved 'long-term belief' in blockchain technology, DeFi, Web3,... But in 2024–2025, cash flow is being driven by crowd behavior, social trends, and high speculation. Many investors no longer care about the product or vision of the project, but only about the potential for price increases when they realize that most crypto projects are just illusions.