In the evolution of the cryptocurrency market, we have witnessed a significant shift. In the past, Bitcoin's price surge was always accompanied by a frenzy in the altcoin market, with investors eager to share in the windfall. However, when Bitcoin broke through the $120,000 mark in 2025, most altcoins unusually remained silent.

This phenomenon has raised questions among market participants: has the era of altcoins come to an end? The reality is not so simple. In fact, we are witnessing a fundamental shift in market dynamics, which is primarily due to changes in the nature of funds.

Looking back, in March and December 2023, Bitcoin's price surged twice, briefly boosting the altcoin market. However, these increases quickly proved to be short-lived. After Bitcoin's correction, the altcoin market rapidly collapsed, with prices falling to lower levels, severely undermining retail investors' confidence. These two rounds of fluctuations were essentially a thorough harvest of retail enthusiasm.

Therefore, even in 2025 when Bitcoin reaches new highs, the market atmosphere remains relatively quiet. The investor community is no longer filled with fervent emotions, and few people on social media boast about their investment gains. Retail investors have become more cautious and no longer easily invest all their resources.

The core of all this lies in the transformation of the structure of market participants. In the past, retail investors and speculative funds dominated the market. After the rise of Bitcoin, profits often flowed into the altcoin market, creating a general upward trend.

However, today's market has introduced institutional investors such as ETF funds, pension funds, and hedge funds. The strategies of these professional investors are completely different:

1. They avoid highly speculative small-cap altcoins.
2. Do not participate in projects that lack substance.
3. Focus only on assets with broad consensus and strong liquidity, such as Bitcoin and Ethereum.

For these institutions, stability and predictability are key. This shift in investment philosophy is reshaping the entire encryption currency market ecosystem.