The core driving logic of the "All Coins Soaring" phenomenon in 2021 had two aspects: first, a large number of potential projects were still in a value pit, such as AXS rising from a few cents to $165, becoming a benchmark for GameFi; SOL breaking through $250 established its status as an "Ethereum killer"; and MATIC jumping from an edge L2 to $3. Second, many project teams at that time had a constructive mindset, and abundant market funds combined with a low-interest-rate environment created a breeding ground for explosive growth.

The current market landscape has shown a structural change: institutional entry strategies have become cautious, with BTC and ETH becoming core allocations, while mainstream altcoins continue to weaken. It wasn't until ETH stabilized at $1400 that the independent market for quality projects slowly began to start.

The essence of investment is the present pricing of future cash flows. The core characteristic of this round of market has become clear: the steady rise of BTC/ETH will drive a structural increase in quality altcoins, but the myth of hundredfold returns is unlikely to be repeated; a 2-3 times increase might be a rational expectation. "All Coins Soaring" has become a cyclical exception, and in an increasingly mature and deeply competitive market, the story-driven comprehensive surge is being replaced by a structured slow bull market.

The essence of the current market is a rehearsal for global easing expectations. Even if the Federal Reserve has not yet opened the floodgates, capital has started to layout around the "easing expectations" — this explains why the current accumulation pace has been significantly advanced. The cyclical competition in the market is ultimately a collective bet on expectations.