Many people like to blame the downturn of altcoins on "lack of funds and low popularity," but that's only scratching the surface. The deeper issue is that the entire market ecosystem and investor mentality have undergone earth-shaking changes. Once, a compelling story was enough to ignite a coin's price, but that era is now history. Today's participants are more clear-headed and cautious, and those old tricks no longer work.

The real bottlenecks for altcoins are twofold: lack of substantive innovation and outrageously high valuations.

Looking back over the past few years, most small project tokens have been cycling through the same concept-building routines, with no real product landing and virtual application scenarios, relying on storytelling to prop up the scene. Now? These illusory narratives no longer attract money. Another reality is that during a bull market, VC firms are pouring money into projects with excavators, and newly listed coins are often valued at billions of dollars. Retail investors entering at that moment become bagholders, and this game is unplayable from the start.

A more painful trend is the rapid concentration of funds, creating a polarization similar to the US stock market. The top 10% of high-quality projects attract 90% of the liquidity, leaving the remaining altcoins to cower in the corner. Project teams have also figured out this logic—just slightly pump a coin and it gets dumped, so they choose to "lie flat," abandoning hopes of hype. The result is heartbreaking: many coins drop below their issuance price immediately after launch, and investors' "confidence" is shattered along with it.

To still make profits in this market, you need to change your mindset. Forget the daydream of "holding long-term until explosion"—the current market rhythm is "fast, precise, ruthless"—identify the right window, make a quick short-term rebound, then exit. Take profits when you can.

Even the smartest investors might miss out if they hesitate. The next round of liquidity easing could open new opportunities, but competition will only become fiercer. It’s no longer about luck; it’s about real strength—the understanding of market logic and the ability to execute quickly.