Bitcoin breaks through $120,000, Ethereum stands above $4,500, BNB surpasses $1,100... The market is sizzling hot, but many old holders find that their positions remain stagnant.

Voices in the community are beginning to diverge: some say the bull market has entered its second half, and the altcoin season won't come this time; others pull out historical candlestick charts, swearing that the surge will be late, but it won't be absent.

Data does not lie, but data needs to be interpreted correctly. This time, it might really be different from before.

1. Capital is flowing quietly, the altcoin season is just one step away.

Looking back at the previous two bull markets, you'll find an interesting pattern:

In 2017, when Bitcoin broke through $20,000, funds began to flow massively into emerging tokens like Ethereum and Ripple, followed by explosive growth in hundreds of small coins.

In 2021, after Ethereum stabilized at $4000, market hotspots quickly spread to DeFi, NFTs, and other sectors, with multiple projects achieving a thousand-fold myth.

Right now, several key indicators are sending clear signals:

Bitcoin's market share has dropped to 60%, nearing a historical critical point. If it falls below this threshold, the capital outflow effect will become apparent.

The total market capitalization of altcoins is only 30% away from its historical high, but differentiation has already appeared: some quality projects have quietly reached new highs, while most small coins are still hovering at the bottom.

On-chain data further illustrates the issue: addresses holding large amounts of Bitcoin have recently continued to reduce their positions, and these funds are gradually being allocated to mid- and small-cap targets through stablecoin channels.

Everything is ready, only lacking the favorable wind. This favorable wind could be the official approval of the Ethereum ETF or Bitcoin breaking through a key psychological price point.

II. In 2025, the game rules for altcoins have changed.

If you are still using the strategies from three years ago, you may need to rethink your approach.

In this round of bull market, the market exhibits characteristics that are distinctly different from the past:

Value return becomes the main theme.

The past 'chicken and dog rising' market is hard to replicate. Projects without actual applications and lacking liquidity are likely to gradually approach zero. Funds are clearly concentrating on sectors like AI, RWA, and modular blockchain that have practical deployment scenarios.

'Slow bull' replaces 'crazy bull'.

The entry of institutional funds has made the market more rational. For example, the decentralized AI computing power network TAO, thanks to its cooperation with Apple Vision Pro, has valuation logic that is now on par with traditional tech companies; meanwhile, the leading tokenization of U.S. Treasury bonds ONDO, backed by institutions like BlackRock, is showing stable yield characteristics.

Partial market trends have become the norm.

Funds are no longer distributed evenly but are focused on a few high-growth sectors. The modular blockchain project Celestia, with its unique 'Lego' model, has become the infrastructure for many Rollup projects; projects like Pudgy Penguins, which combine physical products with blockchain games, have already validated sustainable business models.

III. How should ordinary investors respond?

In the face of a new market environment, these three strategies may help you improve your win rate:

Focus on 'top performers'.

Pay attention to projects with strong institutional backing, such as ONDO supported by BlackRock; at the same time, the listing effect of mainstream exchanges like Binance and Coinbase still exists, and the screening mechanisms of these platforms can save you considerable research time.

Grasping the rhythm is more important than selecting coins.

During Bitcoin's rapid price surge, profits can be gradually shifted to altcoins; when the market experiences a pullback, focus on leading projects that have fundamental support.

Risk control is fundamental to survival.

Single project holdings should not be too heavy, and clear stop-loss lines should be set. When profits reach a certain level, taking partial profits can help you preserve your gains while not missing out on subsequent market movements.

The market is always changing, but the logic of value discovery remains the same. In this cycle, projects with actual technology, clear application scenarios, and strong resource support are more likely to navigate through bull and bear markets.

Opportunities are always left for those who are prepared. In this volatile market, maintaining rationality and persistence in learning may be the best investment strategy.#BNB创新高 #BNBChainMeme热潮