Don't treat this wave of market movement as a "bull return"; it more resembles a deliberately amplified emotional falsehood.

The characteristics of this round are very clear: altcoins are collectively active, but Bitcoin and Ethereum have not moved out with a strong main upward trend simultaneously. This structure fundamentally does not align with the typical rhythm of a bull market—normally, capital first concentrates on leading coins (Bitcoin), then gradually spills over into Ethereum, and finally shifts to altcoins.

But now the order has been disrupted: altcoins are surging first, which instead indicates that mainstream funds have not truly entered the market; more short-term funds are playing emotional games. These kinds of funds share a common trait—they come quickly and leave even faster.

Similar rhythms have repeatedly appeared in history:
Altcoin phase explosion → Market sentiment ignited → Liquidity rapidly consumed → Market peaks or enters deep consolidation.

As for why they aren’t pushing Bitcoin, the core reason is actually quite simple:
The truly large funds have not yet formed a consensus expectation. Pushing Bitcoin requires sustained capital and higher costs, whereas pushing altcoins only needs to create local hype to attract follow-up traders.

Tokens like RAVE are essentially more of an "emotional vehicle" rather than a core trend. Once liquidity weakens or sentiment cools, these kinds of coins are often the first to be abandoned.

To sum it up in one sentence:
This is more like "capital testing + emotional performance," rather than the "main upward wave initiation."