Fund flow has long been scripted; the main players in this wave of the market are not the coins held by retail investors.

There's always an inexplicable awkward feeling when opening the candlestick chart. Bitcoin heads north steadily, Ethereum follows closely behind, but what about those altcoins in your account? They are always a step behind during rallies but tend to surge to the front during declines. This is not just psychological; it’s a true reflection of the market reshuffle.

Having been immersed in this circle for many years, I am increasingly clear: the rules of this round have fundamentally changed.

**The old routines no longer work**

Remember the big market rallies of a few years ago? The script was very fixed—Bitcoin leads the way, funds relay into Ethereum, then altcoins explode across the board, and retail investors dig for gold. This orderly rotation allowed many to reap excess returns.

But this year, it’s a complete reversal.

Since that major positive news for BTC, it has increasingly resembled a reserve asset locked in by institutions, with volatility gradually aligning with traditional large-cap tech stocks. ETH, with its ecosystem foundation maturing and spot contract expectations heating up, is also forging its own path.

The scene of "spring breeze blowing and altcoins flying everywhere" has never appeared. Trading volume of small-cap coins has receded like a tide, and many of the top 50 altcoins now are trading at prices even back to where they were after the FTX storm.

**Where did the money go? The answer is straightforward**

Market risk appetite has fundamentally shifted. In the current macro environment with ongoing uncertainties, the logic for large capital is simple: it’s not about betting on those with "big imagination space," but on assets with solid consensus, regulatory compliance, and resilience through cycles.

The choices of institutional investors best reflect this.