Everyday, the screen is flooded with "Niu Huai Su Gui", and the air is filled with the scent of K-lines about to break through.

But looking down at the account, especially those newly launched "potential altcoins", why does it feel like being stuffed into a slow cooker?

New projects peak right after opening? Then they enter an infinite decline mode, occasionally bouncing back just to trap more 'bottom-fishing' hands.

Occasionally a 'meme coin' pops up? Once you FOMO in, it immediately performs a 'high dive', precisely harvesting that last bit of enthusiasm.

Retail investors collectively "lie flat"? It's not that they don't want to jump in, but the bullets are all spent, and confidence is worn out. Looking at those beautifully painted K-lines, all I want to ask is: what new script is this time?

1. Capital siphoning: The real big players' money is likely resting in BTC, ETH for hedging, or playing high-leverage contracts. The 'fresh water' flowing to new altcoins simply cannot support the dream of a vast ocean.

2. Project surplus, inflated valuations: There are more projects than chives, and opening valuations often benchmark against the peak of the last bull market. The foundation is a bubble; how high can the building be? A slow decline is just the 'slow motion' of value returning.

3. Retail PTSD: Having been cut too many times, the memory is deep. When seeing a pump, the first reaction is not to 'rush in', but to 'are they trying to trick me again?'. Enthusiasm is exhausted, leaving only vigilance.

4. Has the "bull market" become a smokescreen for offloading? Those shouting the loudest about the bull might just need you to take over their altcoins.

So, what kind of comprehensive bull is this?

It looks more like: structural market + local dogecoin frenzy + chronic death of most altcoins. The market is evolving, and the ways of playing are changing. The era of blindly rushing into altcoins to get rich might truly be gone for good. Don’t expect every new coin to be a hundredfold myth. Research and research again; better to miss out than to buy wrong. Project fundamentals? Team? Actual progress? Or just shouting signals?

In a declining trend, bottom-fishing is like catching flying knives with bare hands. Pay attention to the flow of funds: where is the money actually going? BTC? ETH? Layer2? Or some hidden track?

Save your bullets, wait for the market to truly choose a direction, or wait for panic and despair (that might be the opportunity).

So, bull market? Perhaps it is on the way, but definitely not a universally shared bull market.