In the previous bull market, new retail investors rushed in, investing purely based on feelings. Altcoins could be bought casually and double in value; everyone believed they could get rich overnight from small coins.

But this time is different — the driving force behind the market is not retail investors, but institutional funds. There is no large-scale influx of new participants; instead, there is more silent capital quietly positioning itself.

Let’s think from another angle: if you were a fund manager controlling hundreds of millions of dollars, would you buy small altcoins with names you’ve never heard of, or meme coins that have already faded? No way. You have to write investment reports and persuade your superiors with compliance, returns, and logic; such speculative junk wouldn’t even pass internal audits.

Institutional funds are more likely to flow towards leading large-cap projects, especially those that are well-regulated, transparent in operations, and based in the United States. These are the targets they are willing to heavily invest in.

Therefore, in this bull market, the first wave of funds will likely concentrate on high-quality leading projects, creating a "rush for institutional buying."

Ordinary investors should also follow this trend and not fantasize about bottom fishing those illiquid, neglected altcoins — otherwise, they may end up losing everything.