二狗
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Bearish
This passage is quite poignant. Many people shout that the bull market has arrived while watching the market cap of stablecoins reach new heights, while their altcoins continually hit new lows. To put it frankly, the money is indeed still there, but liquidity has chosen to 'wait a moment' instead of 'jumping in'.
The altcoins haven't risen, not because no one is investing, but because no one dares to invest. The large pool of stablecoins actually indicates that the market is risk-averse; during such times, everyone collectively enters a kind of 'deflationary belief': only proven assets (BTC and some highly recognized coins) are worthy of rising, while the rest are defined as 'zero candidates'.
This is actually quite dangerous because the assets that generally create new narratives and new growth logic are usually the 'next batch' of assets, not the survivors of the 'previous round'. If this trend continues, the altcoin ecosystem will become increasingly distorted; as soon as the narrative changes, there will be a round of cuts, no one truly wants to engage, and no one dares to make long-term bets.
Therefore, I actually feel that this is not the time to belittle altcoins, but rather to seriously select a batch of 'genuine products, truly running models' new projects to follow long-term. The increasing number of stablecoins essentially reflects large funds waiting for signals; it's not that the market lacks money, but rather that it lacks confidence. This situation will eventually be broken by the next persuasive factor—it's just not here yet.
The altcoins haven't risen, not because no one is investing, but because no one dares to invest. The large pool of stablecoins actually indicates that the market is risk-averse; during such times, everyone collectively enters a kind of 'deflationary belief': only proven assets (BTC and some highly recognized coins) are worthy of rising, while the rest are defined as 'zero candidates'.
This is actually quite dangerous because the assets that generally create new narratives and new growth logic are usually the 'next batch' of assets, not the survivors of the 'previous round'. If this trend continues, the altcoin ecosystem will become increasingly distorted; as soon as the narrative changes, there will be a round of cuts, no one truly wants to engage, and no one dares to make long-term bets.
Therefore, I actually feel that this is not the time to belittle altcoins, but rather to seriously select a batch of 'genuine products, truly running models' new projects to follow long-term. The increasing number of stablecoins essentially reflects large funds waiting for signals; it's not that the market lacks money, but rather that it lacks confidence. This situation will eventually be broken by the next persuasive factor—it's just not here yet.
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