#ETH走势分析 Many people are used to blaming the weakness of altcoins on a “lack of money in the market,” but is that really the root cause?

Honestly, tight liquidity is just the trigger. What’s really dragging altcoins into the mud is that the underlying logic of the entire ecosystem has been completely restructured—players have gotten smarter, and the old playbook no longer works.

Think back a few years: as long as a concept was packaged attractively enough, token prices could be pumped to the moon. What about now? Investors have learned to vote with their feet. Projects without real products or lacking application scenarios can tell all the stories they want—it’s useless. The market no longer pays for empty narratives.

Even worse is the collapse of the valuation system. During the bull market, VCs frantically drove prices up, resulting in many projects landing on exchanges with sky-high valuations of several billion dollars. Retail investors entering at this stage are left holding the bag at the top. With such a start, how could there possibly be a follow-up rally?

Look at current capital flows: the top 10% of quality assets are siphoning away 90% of the real money in the market. The remaining marginal projects? They’re left to fend for themselves in the corners. Project teams aren’t stupid either—if they try to pump the price a little, it immediately gets dumped, so they simply choose to lie flat and survive, with no incentive to provide liquidity.

This creates a vicious cycle—new coins break below listing price immediately, investor confidence collapses, and the market enters a death spiral.

So what’s left to play? You have to change your approach. Stop fantasizing about bottom fishing and lying low for an easy win. The market now boils down to three words: short, precise, ruthless. Focus on tokens with short-term catalysts, take a quick profit on the breakout, and get out—if you’re even a step behind, you won’t even get the leftovers.

When the next liquidity cycle arrives, opportunities may reappear, but the competition will only be fiercer. At that point, it won’t be about luck, but about your grasp of market timing and your decisiveness in execution.

In short: the golden age of “blindly aping in and waiting for pumps” in the altcoin market is long gone—now it’s a bare-knuckle battleground. Only those who adapt to the new rules will survive this game to the end.