Recently, observing the market trends has led to a clear realization: the crypto market is undergoing a profound phase of differentiation and restructuring.

Let's look at some data. Over the past month, the average increase of the top 20 mainstream cryptocurrencies has reached 18%, while the median increase among coins ranked beyond 100 is only 3%. Even more striking, 40% of these smaller coins are hitting new lows. This pattern closely aligns with the "the strong get stronger" logic of traditional financial markets—funds are no longer pursuing widespread gains but are instead focusing on hunting for highly certain targets.

The actions of institutions further illustrate this point. In the past two weeks, compliance institutions have increased their investments in AI chains and Layer2 tracks by over $2 billion. The institutional holding ratio of a leading AI chain project has surged from 35% to 52%, almost a "institutional takeover." Meanwhile, projects lacking institutional backing and maintained solely by community enthusiasm have seen net capital outflows exceeding $800 million.

This is no coincidence. The market is voting in the most straightforward way: by 2026, there will be no universal bull run where everyone profits, but rather a precise differentiation between strong and weak projects. Those aligned with the right rhythm and timing are earning big, while those that miss it have no chance to participate.

To put it simply, the key now is not whether to buy, but what to buy. The main trend remains the same, but this choice is determining each participant's ultimate gains.