What has led to this round of the bull market where Bitcoin keeps setting new highs, while altcoins repeatedly hit new lows?

Although this round of the crypto market is defined as a bull market, the actual experience is difficult, with Bitcoin repeatedly setting new highs while altcoins generally plummet over 90%, leaving the market's soul hollow.

Institutions reshaping the market landscape: Wall Street giants like BlackRock and Fidelity control infrastructure and compliance channels, siphoning off market vitality and conflicting with retail speculation culture.

MEME narratives lead to the collapse of industry significance: community coins and animal coins repeatedly pump and crash through viral spread, turning the market into a no-exit casino, with retail investors and Web3 culture mutually damaging each other.

Macroeconomic environment suppresses risk appetite: Trump's tariff policies trigger stock market corrections, high interest rates lead to capital exhaustion, risk assets stagnate, and retail investors revert to a test of patience.

Bitcoin becomes the only survivor, maintaining stability through institutional funds and regulatory recognition, confirming the survivability of cryptocurrencies, but the bull market is less about euphoria and more about composure, leaving profit seekers exhausted.

This hollow bull market sacrifices creativity, retail vitality, and optimism; it is the industry's self-punishment for pursuing hype rather than practicality, reminding people to remember their original intentions for entering the market.