This round of the bull market has developed to the present, and aside from Bitcoin and a few meme coins advancing vigorously, most altcoins have performed mediocrely, and even Ethereum, the second largest, is still 40% away from its previous high.

According to the rotation logic of the crypto market, there are generally four stages: First stage: Bitcoin leads the rally, crazily siphoning funds. Second stage: Ethereum and strong competitive public chains take the baton, while Bitcoin consolidates. Third stage: Projects with new narratives and wealthy investors looking to make moves. Fourth stage: Chaos reigns, leading to a disarray of results. To summarize the logic in one sentence: The money in the market is always limited, even in a bull market. The flow of funds is driven by human nature and influenced by emotions. Smart Money comes to this market to do one thing—maximize returns. The rotation logic of the above four stages is precisely the direction of Smart Money's flow and the speculative funds that surge in response.