Is there still a profit-making effect in the crypto world? Bitcoin has risen from over 60,000 last September to over 110,000, Ethereum has risen from 2600 to now 4200, while altcoins have been halved again and again. The key is that this is still in a bull market, and it's actually quite mediocre, even one could say it's poor.

I don't know how long it has been since anyone has heard the term 'hundred times coin', let alone 'thousand times coin'. In previous bull markets, everyone was looking for and discussing: which will be the next hundred times coin? Yes, it's not that there are no hundred times coins anymore, but rather who will be the next one? Altcoins rising a hundred times attracted a large number of retail investors from outside, bringing huge wealth effects. New wealth would stabilize and then convert holdings into Bitcoin and Ethereum, leading Bitcoin to continue rising and a prosperous Ethereum ecosystem pushing Ethereum higher, forming a positive cycle.

However, this time, hundred times coin?? How many people now consider altcoins not even a hundred times; if they get three times, they are thankful. Currently, Bitcoin and Ethereum completely rely on institutions to create hype; in reality, whether in application ecosystems or chains, it is stagnant. Funds only pull Bitcoin and Ethereum, completely ignoring altcoins and public chain ecosystems, ultimately resulting in a bizarre scene where retail investors aren't entering, and institutions are hyping themselves. But how long can this scene last? When Bitcoin hits a new high of 120,000 dollars, there is calm; when Ethereum is at 4800, it is still calm, with no discussions and no interest. Why? The wealth effect is too low! If a new industry and new market have no wealth effect, why should I enter this uncertain new market? New funds are not coming in, and the funds entering by institutions cannot afford to lose, so they can only maintain the status quo. Now the circulating Bitcoin in the market is becoming less and less, the voice of the mining farms is getting smaller, and the institution-led cryptocurrency market is becoming increasingly distorted. If there is no altcoin season, can this false prosperity really be sustained?