Why has the Bitcoin cycle been extended, while altcoins are still not rising?

The core driving force of this bull market has changed. In the current environment of macro headwinds and high market uncertainty, there is a strong preference for "safe-haven" assets. Bitcoin, as digital gold, has its institutional acceptance and market position, making it the preferred safe haven for funds, thus prolonging the cycle driven by institutional buying.

However, this cautious sentiment has also led to a "structural differentiation" in capital flows. Investors are more inclined to embrace the relative certainty of Bitcoin rather than the high risks of alts. Large-scale liquidation events have further amplified this effect, as market liquidity first withdrew from the high-risk altcoin market.

In short, funds are "holding on to core assets." Only when macro uncertainty eases, and market risk appetite fully returns, will abundant liquidity flood into the altcoin market, initiating the so-called "altcoin season."

However, after Bitcoin reached a historical high, the market faced a series of shocks from macro headwinds, a weak stock market, and large-scale liquidations, leading to a slowdown in capital inflows and causing prices to enter a period of high-level consolidation.

The early movements of whale holdings have raised market concerns about selling pressure, further suppressing market sentiment. However, the recent decline is also a healthy deleveraging that has squeezed out market bubbles. Behind the current total market capitalization of over $3.6 trillion is a healthier institutional foundation and solid on-chain infrastructure support.

Once the macro uncertainty dissipates and the liquidity environment improves, these solid fundamentals are expected to attract funds back in and propel the bull market into the next phase. The current consolidation may just be to go further. #加密市场观察