Seeing Teacher Jason mention the topic of altcoins, I would like to say a few words as well. First of all, I completely agree that without a narrative, there is no rush into this market. Especially from the listing of $CRCL, we can see that there is quite a bit of money involved, but it cannot be ignored that when CRCL was rising, it was actually drawing liquidity from other U.S. stock cryptocurrency assets. At that time, both $MSTR and $Coin were declining, the reason being that liquidity was not sufficient, and investors were reluctant to spread their eggs in different baskets.

Why do I say this? Because the issue of insufficient liquidity is not only faced by altcoins in the cryptocurrency market, but also by altcoins in the U.S. stock market. For example, the small-cap stocks represented by the Russell 2000 are also in a mess. Even if we don't talk about small-cap stocks, companies like Nike, McDonald's, and Lockheed Martin are not performing well either. In other words, apart from AI, it is difficult for other stocks to outperform the S&P 500.

Essentially, it still comes down to insufficient liquidity, and the reason for this lack of liquidity is not that there is no money in the market, but because we are currently in a state of monetary tightening. Many people are hesitant to invest money easily, which leads to a rush for "good assets." This is the issue that Teacher Jason mentioned: the better the asset, the more people buy it, while general assets receive little attention.

The essence is not that these assets are bad, but because there is no more attractive option like "sector rotation." This is related to investors' risk preferences. The lower the risk preference, the less likely there will be an altcoin season; the higher the risk preference, the better the performance of altcoins and small-cap stocks.

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