The current market for altcoins is no longer in the state of crashing whenever the main market moves; instead, we can occasionally see some independent trends emerging. Looking back at the first half of 2025, it was either being drained by BTC or being dragged down by the overall market, while the situation now is clearly different. Funds are more focused on betting on interest rate cuts and the subsequent pullbacks after the expectations materialize, so significant short-term fluctuations are quite normal.

I personally still view the market over these past few months as a step-by-step process, believing that the trend of the market hasn't finished. If BTC can truly pull back, that would present an opportunity to consider positioning. My focus will be on ADA, Pendle, Link, and BNB; the logic being that they can both attack and defend, allowing for cycles in this stage, gradually lowering costs.

The reason for the current changes in the market essentially lies in the flow of funds. When leading assets lack new narratives and their cost-effectiveness is no longer prominent, funds naturally begin to flow downstream, slowly alleviating the long-accumulated 'backwater'. From concentration at the top, to diffusion spreading, and then to market expansion, this is a very natural process.