The essence of this bull market is the structural transformation brought about by the entry of traditional finance. ETF funds are funneled primarily into a few mainstream coins like BTC, fundamentally changing the traditional path of 'Bitcoin rises - funds overflow - altcoins follow suit.' Institutions treat Bitcoin with the same logic as allocating gold. They aim for long-term value storage rather than short-term speculation, and their billion-dollar purchases directly support BTC's independent market without significantly providing liquidity to the altcoin market. A close observation reveals that the so-called rotation of hot sectors is mostly just a game of musical chairs among existing funds, lacking genuine incremental funding support. When traditional capital views Bitcoin as 'digital gold,' the price itself becomes its value endorsement, leading to more purchases as the price rises; conversely, altcoins favored by retail investors fall into liquidity crises due to a lack of institutional recognition. This is not a temporary market differentiation but a necessary path for the cryptocurrency market to mature. One either embraces the new normal, focusing on mainstream value coins, or recognizes reality and exits gracefully. When the rules of the game change, it is always those who cling to the old map in search of new lands that are eliminated first.