Author: jocy

For those who have experienced more than one crypto cycle, a noticeable feeling in this bull market is that it seems a bit "cold."

Unlike the retail frenzy of 2021, the crypto market in 2025 is driven by institutions. When Bitcoin stabilizes at a high level, historical experience tells you: capital should flow out of BTC and into altcoins, initiating a hundredfold celebration.

But this time, the structure has changed, and the script seems different.

A harsh reality is that most of the funds flowing into Bitcoin come through ETF channels, and this massive capital is locked within the traditional financial system. This directly breaks the historical "trickle-down effect," leaving the altcoin market, which traditionally relies on BTC profit reinvestment, facing a liquidity shortage.

What’s worse is that there are nearly 42 million types of altcoins in the market now, and liquidity has been dispersed to the extreme. The traditional broad market rally model is almost impossible to reproduce. Under macro uncertainty, funds are more inclined to hold BTC as a digital safe-haven asset. The market is undergoing a shift from "betting on indices" to "in-depth research."

So, where is the opportunity for you as a retail investor?

If you are still expecting the old script of "buy and hold" all altcoins to yield a hundredfold return, perhaps you are being eliminated by structural changes.

You must answer this core question: In a market dominated by ETF whales, funds will only flow into a few altcoins that truly possess institutional-level utility and narrative depth. What are these few altcoins?

So, are you currently adhering to cyclical laws, or have you already shifted to selected narrative-driven alt assets? Do you have any strategies that you believe can successfully avoid the ETF siphoning effect? Feel free to share in the comments.

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