In this round of market, many people have found that an old logic has failed — the rise of ETH does not mean that altcoins will collectively surge. The reason is actually straightforward:

First, the funding structure has changed. Previously, retail funds were like a "flooding" phenomenon, with hot money flying around at will. Now, the main players are ETFs, institutions, and large compliant funds, which pay more attention to 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 areas like AI, RWA, and stablecoins, making it difficult for other fields to attract funds, resulting in a situation where "some eat meat, while most drink soup."

Third, there is obvious selling pressure. After several rounds of decline, many people are stuck at high positions. As soon as the price rebounds slightly, there will be a wave of selling pressure that suppresses the space for continuous increases.

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

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