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In this round of market activity, many people have noticed that an old logic has failed - the rise of ETH does not mean that altcoins will collectively surge. The reason is actually quite straightforward:
First of all, the capital structure has changed. Previously, retail funds were flooding in indiscriminately, with hot money flying around. Now the main players are ETFs, institutions, and large compliant funds, which place more emphasis on risk control and return efficiency, and will not rush into all sectors like before.

Secondly, the hotspots are highly concentrated. The focus of market narratives is centered on AI, RWA, and stablecoins, making it difficult for other areas to secure funding, resulting in a situation where "some people eat meat, while most only drink soup."

Third, the selling pressure is evident. After several rounds of decline, many people are stuck at high positions. As long as the price rebounds slightly, there will be a wave of selling to cut losses, which suppresses the space for sustained price increases.

Finally, the players' mentality has changed. After experiencing the baptism of the bear market, most people are more willing to pursue stable leading projects, and funds are naturally more concentrated on a few targets. In simple terms, this is no longer an era where all altcoins can "share the blessings equally"; funds and attention are focusing on a few high-quality tracks and leaders, while the remaining projects can only fend for themselves.