I recently came across an industry report analyzing the capital flows in the crypto market this year, and it was quite interesting. Overall, although funds are continuously pouring into the market, the concentration is ridiculously high—most of the capital in ETFs and spot exchanges is flowing into BTC, ETH, and those established top coins, with little room for smaller altcoins.

Regarding the cycle of altcoin行情, data shows that this year's rebound cycle averages around 20 days, far shorter than last year's 60 days, which was more resilient. What does this mean? It indicates that the hype is hot and cold very quickly, narratives are compressed significantly, and chasing trends has become much more difficult than before.

Another interesting phenomenon is the explosion in the options market. From Q4 last year to Q4 this year, options trading activity has increased by 2.5 times year-over-year, and participation has doubled. This suggests that the market is evolving towards greater maturity, with a significant rise in risk hedging demand.