The biggest cruelty of the market is not the drop, but realizing afterward that you never had the courage to get on board.

The evening #PPI data scared the market into tears. PPI represents corporate production costs, and this time it was 3.3% year-on-year, higher than expected, indicating that the Federal Reserve may delay rate cuts.


Originally, everyone was betting on a rate cut in September, but now the probability has plummeted, causing risk assets to adjust across the board.

But I don't think that's a bad thing — it's an opportunity provided by the market's retreat.

Although the PPI scared everyone, the expectation for interest rate cuts has not been broken; in fact, it has become clearer. Bessenet has repeatedly called for a 50 basis point rate cut in September, and Trump has also hinted that the Chair of the Federal Reserve may be replaced early. CME has directly removed the 'no interest rate cut in September' option, and Polymarket predicts a greater than 8% probability of a 50 basis point cut.

This means that the September FOMC may become a super fuel for market sentiment, with US stocks and the crypto market remaining strong.

The market structure has really changed.

The current market is the most 'structured' cycle in the history of the crypto space.

In the past, bull markets were led by Bitcoin, with mainstream projects leading the altcoins, and the rhythm was smooth. But this time? It has completely turned into a winner-takes-all scenario: winners feast while losers starve.

  • BTC and BNB have quietly reached new highs.

  • Everyone keeps saying ETH should reach its ATH, but it just won't go up.

  • The vast majority of mainstream and altcoins are still stuck in place.

Just to give a few examples:

  • #DOGE Previous high 0.73, now 0.2

  • #AVAX Previous high 145, now 25

  • #ADA Previous high 3, now 1



The coins that can keep up with Bitcoin's rhythm can be counted on one hand: ETH, BNB, XRP, TRX, SOL, LINK, HBAR, XLM, TON, AAVE. The others either still have to double to reach their previous highs or need to increase tenfold to get back.

The playbook for this bull market has changed — the script of holding on for a turnaround is gone, and you must focus on leading projects, ETFs, crypto treasuries, and tokens with resources. If the token you hold hasn't had any decent news in the past six months in such a hot crypto environment, it's likely that the team has already given up. Such projects need to be dealt with swiftly.

Last night there was a frenzy in crypto stocks — Bullish opened with a surge of 200%, with a market cap exceeding 15 billion, the trend was simply a replica of Circle.


Don't forget, this is the 'illegitimate child' of the EOS Foundation Block.one, which has long distanced itself from EOS. Now, Cathie Wood and Peter Thiel have also bet on it, and its status has become the 'new darling' of the crypto space, while EOS has become the 'abandoned old love'.

On the altcoin side, ETH remains dominant, with #GTC, $SKL, #EIGEN, #ARB, $ZK in the infrastructure, DeFi, and L2 sectors performing well, but still several times away from their previous highs. Personally, I will only allocate 10% to these altcoins, with the core focus on leading projects. If you think the leading projects' gains are insufficient, then go for crypto stocks — they are highly volatile, have potential high returns, and haven't faced the overnight zero risk like some others.

This bull market is not lacking in hot topics; what it lacks is the ability to see the rhythm clearly.

Don't fantasize that all coins can keep up with Bitcoin — focusing on the right coins is 100 times more important than stubbornly holding the wrong ones.

I'll end the article here! If you're still unclear about the direction in the crypto space, why not strategize with me? I'm waiting for you; otherwise, you might find yourself on the other side in the next market wave.