I think the reason why there have been copycat seasons in the past few bull markets is that, Essentially, it is because BTC of OG After making profits in the main uptrend, In pursuit of higher rewards, Transfer funds to other currencies, Thus promoting the spillover effect of funds in the overall market. However, the capital structure of this bull market has changed significantly. promote BTC The main force of innovation high, It has transformed from individual investors to institutions and listed companies, Even national level funds. For these participants, BTC More like a safe haven asset, It is a tool to combat inflation and currency depreciation. What they bought upon entering the venue is ETF， But not from CEX Purchase in stock. This also represents ETF The inflow of funds will basically only be in the US stock market and cryptocurrency circle ETF The flow between products, Difficult to truly infuse into CEX Other tokens on top. This does not mean that altcoins have no chance at all, At present, there is still a lack of new narratives and innovations in the market that can attract sufficient funds. There is a bull market, Just the rotational logic of this round, It's very different from the past.