The cryptocurrency market is undergoing profound changes, and the survival logic of altcoins has become completely different. The strategy of relying on high volatility to seek excess returns has gradually failed in the current environment dominated by rational capital—Bitcoin's market cap share has surpassed 64%, and the total market cap of altcoins has plummeted by 41% compared to 2024. Market liquidity is concentrating towards the top, and the volatility of most tokens continues to narrow. Stricter regulations and the acceleration of institutional entry are clearing the industry, with more than $300 billion in altcoin market value evaporating just in 2025, while truly valuable projects with application potential account for less than 3%. In the current environment, investors must completely abandon the fantasy of 'long-term holding for wealth,' and decisively take profits when market sentiment reaches a critical point. Historical experience shows that after each wave of altcoin crashes, new ecosystems often emerge, but before that, surviving is the hard truth. #美联储取消创新活动监管计划 #美国7月PPI年率高于预期