In the midst of strategizing, we decide victories from thousands of miles away. Hello everyone, I am Lin Chao, a global financial market observer, focusing on cryptocurrency market analysis, bringing you the most in-depth trading information analysis and technical teaching.

Bitcoin has broken through the $120,000 mark for the first time, setting a new historical high, and the overall market is also thriving, with mainstream altcoins and Hong Kong stock crypto concept stocks showing impressive gains. Lin Chao observed that, unlike the previous breakthroughs at $69,000 and $100,000, this time the market is unusually "quiet"—while social media has some celebratory posts, community chats are silent, lacking the fervent shouts of "we've taken off." This abnormal calmness is due to investors experiencing a sense of "fear of rising." The continuous rise over several months (with a more than 46% increase over three months) and the constantly refreshing highs have significantly raised investors' excitement thresholds. The relative percentage increase of Bitcoin is becoming smaller, and the sense of stimulation is weakening, leading to a certain numbness among people. A deeper reason lies in the fact that, despite continuous regulatory benefits and institutional entry, the narrative logic of Bitcoin seems to have quietly shifted. Lin Chao believes that Bitcoin is becoming a macro asset to hedge against the U.S. government's unchecked fiscal spending. This new high is not merely driven by market speculation but is the result of deeper macro changes.

Previously, Lin Chao mentioned that although the crypto market has seen almost universal gains in recent days, market sentiment has not been fully ignited, especially in the performance of altcoins. While they have also risen alongside Bitcoin and Ethereum, they have not yet met the ideal expectations in people's minds. Although data shows that most of the top 200 altcoins by market capitalization are rising, with significant increases in coins like HBAR and SUI, the core issue lies in the "relative increase." Ethereum has only just managed to climb back to its high point from five months ago ($3,050), while Bitcoin has increased by 17% during the same period. This phenomenon of "Bitcoin shining alone, with altcoins lagging behind" has troubled the market since 2024, when institutional funds concentrated on Bitcoin due to factors like spot ETFs. Although altcoins are rising overall now, I still have doubts about whether a true "altcoin season" can arrive, especially since the shadows of past VC trust crises, large unlocks causing price drops, and meme-driven fund diversion have not completely dissipated. People's excitement has quietly shifted from merely Bitcoin's new highs to whether altcoins can explode.

It is clear that Bitcoin's price has exceeded the range that retail investors can bear, and people also feel that Bitcoin's continuous new highs have limited upward space. Institutions are leveraging this psychology, continuously pushing prices up with capital like ETFs, causing people to hesitate between FOMO and fear. In fact, there is good news; the most significant support comes from the institutionalization and compliance process. The SEC is likely to approve a series of spot ETFs for altcoins, including LTC, SOL, and XRP, in the second half of 2025. Moreover, the recent new coin PUMP sold out $500 million in 12 minutes, proving that market liquidity is abundant. Confidence ultimately needs to be built on investors' prudent assessment of these positive changes. Perhaps the next time the market collectively cheers "we've taken off," it will belong to the poised altcoins.

The success of investing depends not only on choosing good targets but also on when to buy and sell. Preserving capital and making good asset allocations are essential for steady progress in the ocean of investments. Life is like a long river flowing into the sea; what determines victory or defeat is never just the gains and losses of a single pass or moment, but rather a well-thought-out strategy and knowing when to stop to gain.

This article is merely a personal opinion and does not constitute any trading advice. The crypto market has risks; please invest cautiously!

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