Bitcoin rose to $120,000, but the market is unusually quiet. Why?

Because Bitcoin is completing the process of "de-leveraging." Currently, most of the chips are in the hands of institutions, and retail participation has significantly decreased. Moreover, the new liquidity in the market is being divided among a large number of new projects, resulting in an overall dilution of funds.

In the past, the return of funds often triggered a simultaneous surge in altcoins, but now the structure has changed: funds are flowing into the primary market, contract market, and short-term speculative "shitcoins"; instead of traditional mainstream altcoins. Coupled with stricter regulations and a lack of compelling narratives, altcoins find it difficult to replicate the era of high volatility and high returns of the past.

It is foreseeable that in the future, the "shanzhai coin market" will become increasingly difficult to find systematic opportunities, and the differentiation between Bitcoin and other crypto assets will continue to intensify.