In this round of the market, many talents suddenly realize: a once old logic has completely failed!
The reasons behind it are actually quite realistic:
① The funding structure has completely changed. In the past, it was retail investors with hot money "flooding the market" with disorderly capital flows; now, ETFs, institutions, and large compliant funds dominate the market.
These funds are not here to "gamble with their lives"; they have strict risk control systems and clear return requirements, and will never blindly rush into all sectors like before.
② The hotspots are highly concentrated, and the differentiation of tracks has intensified. The current market narrative is highly focused, revolving only around a few main lines: AI, RWA, and stablecoins.
Funds shine like spotlights, only illuminating a few tracks, while the vast majority of projects tremble in the shadows, ignored by everyone.
③ Selling pressure is heavy, and upward momentum is suppressed. After several rounds of declines, the market has accumulated a large number of trapped positions. As soon as prices rebound slightly, there will be those who can't wait to cut their losses, directly interrupting the continuity of the rise, making it difficult to form a trending market.
④ Player mentality has become more rational. After the "baptism" of a bear market, the surviving players are more inclined to "hug the leading projects for warmth," no longer giving any opportunities to air coins that lack fundamental support.
Naturally, funds accelerate concentration toward a few quality targets, while projects lacking value are rapidly abandoned.
In summary:
This is an era of "winner takes all"; it is no longer a market where all altcoins can "share the blessings equally".
Capital, attention, and liquidity are concentrating at an unprecedented speed toward a few quality tracks and leading projects.
The remaining projects are either marginalized or slowly fade to zero in silence.
