Have you recently noticed some strange things in the market software? Bitcoin and Ethereum keep climbing, but the small altcoins you bet on seem to be drained of liquidity, with their price fluctuations sometimes disproportionate. This feeling is real.

In this cycle, the flow of funds is quietly rewriting the rules of the game.

**Security and Consensus are Gaining the Voice**

The trend over the past half-year has a clear signal: since the approval of spot ETFs, Bitcoin has gradually evolved into an "institutional asset allocation" role, with its volatility characteristics becoming more similar to traditional large-cap tech stocks. Ethereum, riding on the improvement of its ecosystem foundation and ETF expectations, has developed its own independent rhythm.

But the old routine of "bull markets bring all altcoins up" no longer plays out. Small-cap coins are performing awkwardly: they can't keep up when prices rise, and they are the fastest to crash when prices fall, with liquidity silently evaporating like the tide going out.

What does this reflect? The market's risk appetite is changing. When macro uncertainties still exist, the first choice for large funds and smart money is not "how much room for growth," but "how deep the consensus is" and "how compliant it is." In plain terms, liquidity and safety have already become the most valuable assets.

**Your "Wealth Code" Might Just Be an Outdated Dream**

Many people's anxiety is real: Bitcoin is so expensive that they can't afford to buy full coins, so they want to jump into altcoins and gamble for a hundredfold return.

The problem is, no one is taking over the altcoin market anymore. Incremental funds simply don't want to come in. You might think it's a "bottom-fishing opportunity," but it could actually be "someone shouting alone in the mountains." When liquidity dries up, you won't even be able to run.