In November 2025, Bitcoin experienced a significant decline, while altcoins, which previously fell in sync, did not decline simultaneously. This situation is mainly caused by the following reasons:
1. Some altcoins have independent value support: Certain high-quality altcoins may have had recent technological breakthroughs, new application scenarios, or important partnerships, forming a value logic independent of Bitcoin. For example, altcoins that adopt deflationary models and have real staking and locking mechanisms can withstand market selling pressure and maintain price stability when Bitcoin declines.
2. Fund flow and market rotation effect: The recent decline in Bitcoin may be due to independent factors such as adjustments in its own holdings and changes in ETF funds, rather than systemic risks in the entire cryptocurrency market. Some funds have flowed out of Bitcoin but have not left the cryptocurrency market; instead, they have moved into undervalued altcoins with narrative hotspots, supporting their prices from falling.
3. Stable chip structure of altcoins: Some altcoins have their chips concentrated in the hands of long-term holders or project parties, and there is no significant unlocking pressure. Unlike the past when retail investors concentrated on selling during market panic, their trading books are relatively stable. Even if Bitcoin falls, there will not be a price collapse triggered by large sell orders.
4. Previous declines have fully released risks: Around November 12, mainstream altcoins such as Zcash and Filecoin experienced double-digit declines. After significant prior corrections, most selling pressure has been released in advance. When Bitcoin declines subsequently, altcoins tend to stabilize in price due to the absence of excessive panic selling.
