Recently, the performance of altcoins has indeed been bleak, but to say that they are completely unplayable is an overstatement. The real reflection should be: many people are still playing today’s game with last year’s mindset.

In the past two years, the underlying logic of altcoins has quietly changed. The old stories of blind YOLOs and waiting for tenfold or hundredfold returns are now outdated. We are now in the PVP era, where altcoins have become purely tools for speculation—whoever has faster information and quicker reactions can profit, and those behind will be cut off. Investors still dreaming of a pie falling from the sky are basically out of the game.

There is a more painful reality: the market is not short of money, but short of foolish money. Capital has already become smarter. Retail investors have been educated multiple times, and institutions are even more shrewd—why would they lift a finger for nothing? This inevitably leads to a divide: either pure meme sectors relying on community hype and marketing to pump prices; or top projects like Bitcoin with real application support and solid fundamentals; as for those ambiguous projects lacking clear utility—there’s basically no chance left.

From a certain perspective, this kind of differentiation is actually a process of market self-purification. Those garbage projects lacking substantive content are gradually being weeded out, and the survivors either have technology, an ecosystem, or consensus. This is actually beneficial for the overall health of the market.