BTC and how different levels of altcoins are harvesting retail investors, along with the various daily K-line charts of cryptocurrencies that I have drawn for reference (BTC corresponds to 1, outstanding altcoins correspond to 2, mainstream altcoins correspond to 3, secondary mainstream altcoins correspond to 4, and junk altcoins correspond to 5. This is a rough classification and not absolutely precise, derived from multiple rounds of market conditions and historical project trends for reference only, definitely not investment advice).

BTC is a man-made asset, which gives it consensus value. Take this year's market as an example; after BTC's main upward wave rose to 73,700, it oscillated at a high level for five months (in the range of 60,000-72,000) before a sudden drop below 50,000 occurred, and the same was true in 2021. The market makers sell off at high levels and need to create long-term (measured in months) oscillations to stir market sentiment, attracting new buyers, and only then will they initiate a wave of downward pressure, forcing investors to give up their holdings. This process of downward harvesting is relatively gentle and does not see a sudden drop immediately after a major upward wave.

The so-called outstanding altcoins, like ETH, XRP, ADA, BNB, SOL, INJ, DOGE, SHIB, PEPE, etc., have token values that are actually assigned by human actions, market, and technology factors. Market makers only need to firmly control the market and weave exciting stories to exchange the coins in their hands for investors' real money. These projects are top-tier in terms of story engagement, concepts, technology, resources, funds, and so on, possessing the strength to cross multiple cycles.

Mainstream altcoins, such as AVAX, NEAR, UNI, AXS, SAND, CRV, etc., are slightly inferior to outstanding altcoins. They may lack in storytelling, resources are not perfect, and they lack novel selling points. Market makers have a certain strength but also need to sell off to harvest retail investors. As for whether they can make a comeback, it will depend on whether they can uncover new stories and regain investor favor.