In this round of the cryptocurrency cycle, several key factors have significantly impacted altcoins.

Firstly, BTC attracted a lot of market attention before applying for a spot ETF. Its core position and influence in the cryptocurrency field have caused funds to continuously gather towards it. Moreover, the large market capitalization and massive unlocking of VC coins have brought immense pressure on the market's liquidity, as a significant amount of funds is locked or dispersed in VC-related activities, making the financial support available to altcoins extremely limited.

In such a funding environment, altcoins lack sufficient momentum to achieve substantial increases, as the continuous injection of funds required to drive price rises is absent, naturally compressing the profit space.

From the perspective of market expectations, with BTC being influenced by macro factors such as the Federal Reserve's interest rate hike and cut cycles, as well as expectations for Trump’s potential return, it has significant upward price potential. Market enthusiasm and the flow of funds will increasingly lean towards BTC.

For example, when BTC's price rises due to these factors, investors often prioritize BTC for investment, while altcoins are relatively ignored. This indirectly leads to a snowball effect for altcoins. Meanwhile, the decline in the ETH/BTC exchange rate also indicates that Ethereum's value relative to Bitcoin is decreasing. Even as a major mainstream coin with a large market capitalization, Ethereum faces this situation, let alone numerous altcoins. In this market structure where mainstream coins dominate and the trend is evident, altcoins are generally weak in their upward movement.

Although there may be certain speculative opportunities for a few high-quality altcoins, from the overall perspective of the numerous altcoin group, due to the aforementioned funding and market trend limitations, most altcoins struggle to achieve notable profitability, while the risk of decline always exists. If the market environment deteriorates or funds withdraw, altcoin prices may plummet significantly, leading to substantial losses. Therefore, the overall profit-loss ratio for altcoins is low, making it difficult to replicate the widespread rally and high profitability seen in the previous bull market.