After a year of the altcoin bear market, many market consensuses have been overturned. 1. It's been a long time since anyone mentioned BTC draining liquidity from altcoins. People are now aware of high FDV and unlock schedules. 2. It seems the relationship of BTC pumping first, then ETH, and finally altcoins doesn’t really exist. 3. Traditional institutional funds lean more towards BTC and mainstream coins. 4. Setting aside the top-tier projects, the value of VC endorsements has plummeted. 5. Crypto narratives haven’t disappeared, but pure storytelling no longer drives speculative market tendencies. 6. Many VC-backed projects’ tokenomics, token distribution structures, and exit strategies are simply unfit for listing on CEXs for pricing. 7. Listing tokens on CEXs doesn’t necessarily bring buy pressure. For most projects, post-listing performance is straightforward: early groups are offloading their holdings. 8. The myth of making big money from airdrops has collapsed (it’s been dead for a year now, and the current airdrop scene is like a corpse). 9. Liquidity hasn’t spread evenly across all altcoins; it’s tied to the ability to compete for and lock in value.