In the realm of altcoins, one can strategically invest in high-quality leading projects at low points; the logic remains unchanged. Only high-quality leading altcoins will follow the market's rise, while others are currently worthless.

In this bull market, only coins associated with stocks are eligible for discussion; other small coins have perished. Many are still debating whether altcoins will rise?

The answer is that most project teams have already given up on their projects, yet you still hold on to hope. Investing in altcoins is more akin to venture capital; you are investing in people and teams, not just the project itself. If you still believe in the future of altcoins, then study the project teams thoroughly—only those who execute can earn a future.

In fact, every bull market sees significant participation from external capital. With the exit of liquidity, the bull market ends. The end of this phase depends on when Wall Street can no longer buy; if the U.S. continues to incur debt, print money, and lower interest rates to release liquidity, the market can continue to rise; otherwise, it may also come to an end.

Recently, it seems that U.S. prices are rising again. The expectations for interest rate cuts in the second half of the year are for two cuts; currently, the probability for a 25 basis point cut in September exceeds 70%, but only 50% for October. According to Powell's stance, if CPI rises, there may only be one rate cut. My current attitude towards the market is cautiously optimistic, advancing and retreating as necessary. The louder the calls for a bull market, the greater the noise. Maintain your clarity; when the avalanche comes, no snowflake is innocent.

The main narrative of this bull market is the on-chain revolution, so future opportunities will lie in RWA (Real World Assets) and stablecoins. Besides that, I see little innovation. The on-chain revolution requires strong endorsements from institutions or governments to simplify intermediate processes through blockchain technology. This will take time to accept and will face numerous obstacles, as it will impact the interests of many intermediaries. Therefore, everything is still in development and progress. Thus, there is no need to doubt Bitcoin's position; other coins may just be fleeting trends. If you are a long-term investor, continue to hold Bitcoin and consider participating in some RWA projects after a crash; perhaps this could yield alpha in the next rise.