[Cobie: Whether Bitcoin's diminishing returns are certain remains unclear, but the difficulty and risk of trading altcoins will continue to increase] BlockBeats news, November 3, crypto KOL Cobie tweeted that whether Bitcoin will continue to provide diminishing returns remains uncertain, but trading altcoins (on average) will become increasingly difficult and risky, forming an irreversible trend. The reasons include: - Fierce competition among buyers who are becoming increasingly sophisticated, while conviction decreases; - Predominantly traded via perpetual contracts and leverage; - Market capitalization is inherently overestimated and heavily diluted; - FDV at launch captures all optimistic sentiment, ignoring price and valuation; - Excessive price discovery in pre-market trading leads to insecurity. In 2017, buyers purchased spot and held for weeks/months due to strong conviction, adding positions during the rally, with early undervaluation proving effective. By 2025, buyers will purchase via perpetual contracts without checking valuations, selling when profits turn negative or forced liquidation occurs. However, altcoins remain the best return area for smart individuals, where skill expression and asset selection are more important, and patience in entering liquidity markets yields better returns than entering 'early.'