Why didn't this round of the Bitcoin bull market in 2025 trigger an altcoin season?
Because the logic has changed; the funds coming in through ETFs are only in major coins like Bitcoin, with no spillover effect.
Moreover, many of the institutions that have entered this time are not like those in the past who stirred up chaos in the crypto space, but are purely allocating some Bitcoin, Ethereum, etc., from an investment perspective.
Their investment preference is Bitcoin, which has value support and a sufficiently cohesive consensus. Their strength is also enough to support Bitcoin's market cap, seeking certainty in risk.
In fact, when ordinary investors choose other coins because the price of Bitcoin is too high, they may end up buying more Bitcoin due to its high price; to some extent, the price represents value.
If you are calm and patient enough to review, you will find that many previous hot sectors were driven by sentiment, with not much real money involved. The liquidity in the market has always been insufficient, especially evident in altcoins.
Do you think these institutions will speculate on other coins after buying Bitcoin? In reality, they buy Bitcoin and hold it, aiming for a cycle lasting several years or even over a decade, hoarding Bitcoin like gold.
Times are changing; the present and the past are two different concepts, so we must go with the flow. If change is necessary, then change; if it cannot be done, then exit gracefully.
There really isn't any excess funding flowing into altcoins. If altcoins want to start moving, there must be a significant positive factor, and the only current positive factor is interest rate cuts.
There are countless negative news items, such as tariffs and instability in the Middle East.
It’s correct to be cautious; who knows if Pyth will go to zero?
Focus today: Neiro, Ton, Trump
