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Despite the approval of the Bitcoin ETF making it easier for institutional funds to enter the market, the SEC's regulatory attitude towards alts remains unclear, and many funds are hesitant to place bets easily. This round of the bull run focuses more on "value narratives" rather than pure concept speculation.
Projects with practical application scenarios, such as AI, DePIN, and RWA, are more favored by funding, while pure meme coins or altcoins lacking fundamentals are neglected.
Large funds are more willing to allocate Bitcoin and a few leading alts, while projects with small and medium market capitalization face liquidity shortages, resulting in weak upward momentum.