In this round of the market, many people have found that an old logic has failed - the rise of ETH does not mean that altcoins will collectively surge. The reasons are quite straightforward:

First, the funding structure has changed. In the past, retail funds were like 'a flood inundating the fields', with hot money flying around freely. Now, the main players are ETFs, institutions, and large compliant funds, which place more emphasis on risk control and return efficiency, and will not rush into all sectors like before.

Second, the hotspots are highly concentrated. The market narrative focuses on AI, RWA, and stablecoins, making it difficult for other sectors to attract funds, resulting in a situation where 'some people eat meat, while most only drink soup.'

Third, there is significant selling pressure. After experiencing several rounds of decline, many people are trapped at high prices. As soon as there is a slight rebound in price, there will be a wave of selling to break even, suppressing the room for sustained rises.

Finally, the mentality of players has changed. After enduring the baptism of a bear market, most people prefer to pursue stable leading projects rather than gamble on worthless coins without fundamentals, leading to a natural concentration of funds in a few targets.

In simple terms, this is no longer an era where all altcoins can 'share the benefits equally'; funds and attention are concentrating on a few quality sectors and leading projects, while the remaining projects can only fend for themselves.