Today, many altcoins have dropped by 15-20%, and everyone has a question: Why is Bitcoin staying steady? Is a big drop coming? If it really goes back to 110,000, will altcoins collapse?

In this round of the bull market, we haven't seen the traditional complete rotation structure of 'BTC rises → ETH follows → altcoins take over.' Why is that? There may be two key reasons.

First, this wave of the market feels more like a 'recovery period' for regular people. Many have suffered heavy losses during previous major events (like 3AC, FTX, etc.) and are now hesitant to jump back in. Additionally, many people entered the market during the pandemic in 2021, when speculative sentiment was rampant. But today, market sentiment has clearly become much more rational.

Second, the funds that are truly driving this market primarily come from institutions. For instance, MicroStrategy has purchased over $30 billion in BTC this time, which is much greater than the last round. Other traditional institutions are also imitating its operations, but they only focus on mainstream assets like BTC and ETH, showing little interest in altcoins. In other words, money is coming in, but it hasn't flowed into the altcoin sector.

Thus, we see ETH rising from 1500 to 3800, yet on-chain projects have hardly benefited. Previously, there were dozens of coins being pumped every week; now seeing a few in a month is considered a lot. This is also because institutional fund operation logic is completely different from that of retail investors, and their acceptance of altcoins has not yet opened up.

This also means that even if the market continues to do well, the rhythm of BTC, ETH, and altcoins will diverge. The fluctuations of mainstream coins are increasingly resembling 'traditional assets', while altcoins will be more like 'speculative assets', with large volatility, high risk, and more scattered opportunities. Therefore, we can no longer rely on the old thinking of 'buying with closed eyes and holding long-term'; we need to analyze each coin specifically and respond individually.

Is there still an altcoin season? Why hasn't BTC dropped? The answers are actually all here. The inflow of funds into ETH is still unstable, which is why the price has dropped, but not dramatically. We have long emphasized this wave: selecting coins is more important than anything else.

Now is a selective market, not a broadly rising market; only by picking the right coins can one achieve returns. The strong coins we previously identified were not by luck, but based on our judgment of market structure. This strategy remains effective and will still apply in the future.