#数字货币市场洞察 There's been a very noticeable phenomenon in the market lately.

First, privacy-themed coins have been surging one after another, and then those old projects that were almost dead have also started showing unusual movements. Looking closely, the ones that are moving are all obscure tokens—retail investors have long since left, and the tokens are highly concentrated in a few addresses.

This kind of trend is actually quite easy to understand. Major funds are now targeting assets with poor liquidity and few holding addresses. Why? Because it's cheap to pump—just a few million dollars can make waves. What about the popular coins? Too many retail investors; as soon as there's a pump, people cash out and run, making it impossible to sustain the rally.

So the logic has changed now—it's not good projects that go up, but those with "clean" token distributions that have a chance to be hyped. The market is just that pragmatic.