Many people have a question in this round: Is this a bull market? Is there still a bull market? Is there still an altcoin season?
First, I will share some of my opinions, then interpret them, and then discuss how to operate next.
1. Bitcoin is entering a long-term slow bull market, while 99% of altcoins will enter chronic death.
2. There is an altcoin season, but it only occurs locally, and it comes quickly and leaves just as fast, with severe secondary differentiation.
3. As institutions enter, the cryptocurrency dividend period is rapidly disappearing. The next round may see even less speculative capital, no longer a retail investor's world.
4. Cryptocurrency has become seriously stock-like, similar to pre-market trading in U.S. stocks, sensing news in advance.
5. The survival space for retail investors will continue to be compressed until it disappears.
6. As institutions hold large amounts of Bitcoin, when the exchange's Bitcoin supply is exhausted, a Bitcoin crash will not be far off.
7. Binance, this top global exchange, is inevitably on the decline, and the growth rate of participants in cryptocurrency has already slowed down significantly.
8. The previous DeFi boom on Ethereum has been replaced by the meme coin boom on Solana, occurring on the Solana chain. Ethereum lacks new narratives and innovations, making it difficult for its price to keep up with Bitcoin.
9. Since Trump and his wife issued coins, the chain has been completely disrupted, with scam coins rampant, draining a large amount of liquidity, further worsening the on-chain environment.
Why is Bitcoin entering a long-term slow bull market while altcoins are facing chronic death?
Continuing with the first point, as the spot ETF is approved, the siphoning effect becomes more severe, with capital concentrating entirely on Bitcoin. Even Ethereum, with its lack of innovation and narrative, has become precarious.
Bitcoin is likely to usher in a long-term slow bull market, similar to gold through ETFs. Gold experienced a decade-long slow bull market, and Bitcoin is likely to replicate gold's trend, which has already been proven to be happening. Bitcoin has attracted a large amount of capital, and its declines will not have significant pullbacks.
As the number of altcoins increases, death is inevitable. In 2017, there were only 3,000 types of altcoins globally, but now there are 34 million types, with a large amount of capital dispersed, making it difficult to form a profit-making effect again.
Wherever capital gathers, there will be a profit-making effect. It is clear that capital has concentrated on Bitcoin, making it the cryptocurrency with the strongest profit-making effect in this round. However, due to its expensive price, most people overlook it.
There is an altcoin season, but it will only happen locally, and the cycle is very short.
The above is a personal opinion, welcome to discuss.