Recently, an interesting phenomenon has appeared in the market: bitcoin:native is up, ethereum:native is starting to rebound, SOL is active again, but many people open their accounts only to find: the market is rising, but they’re not making any money. Why? Because the biggest feature of this cycle isn’t the lack of opportunities, but that capital is becoming increasingly concentrated. In past bull markets, everything went up. As long as there was a story, people would buy. As long as something was trending, people would chase it. Back then, it was all about who got in faster. But now, it’s different. ETFs have absorbed a huge amount of capital, institutions have taken away a lot of liquidity, BTC has captured the market’s attention, and a small number of top assets have absorbed the majority of incremental funds. For the remaining projects, even if they’re still alive, it’s hard to gain market attention. After going through several bull and bear cycles, I’ve come to understand more and more: Price isn’t the opportunity—capital flow is the opportunity. You think you’re analyzing candlestick charts, but what really determines price movements is the flow of capital behind the scenes. So lately, I’ve been pondering one question: If the market truly enters a new cycle in the next year, who will be the biggest winners? Will it be the projects that have dropped the most? Or the directions that continue to attract capital, users, and attention? The answer isn’t hard to figure out. Every cycle comes with a new story, but capital always sides with the trend. Retail investors love bottom-fishing, while pros prefer following trends. That’s because bottom-fishing is a gamble on luck, while following trends is a bet on momentum. And that’s the most profitable thing in this market.