In this circle for so many years, I recently realized that the market atmosphere has indeed changed—on one hand, people are shouting "Shitcoins are dead," and on the other hand, I see someone quietly buying at the bottom. Today, I want to share some actual observations: the current altcoin market feels a bit like the eerie calm before a storm, but maybe this time really is different. Of course, I’m not encouraging anyone to go all-in; I just think some signals are worth a second look.

Let's start with the data. Bitcoin’s dominance has dropped from over 60% to around 55%. It doesn’t seem like a dramatic change, but what’s behind it is quite interesting—institutions’ attitude toward altcoins is clearly loosening. The narrative from a few years ago that "anything non-BTC is garbage" is now hardly heard. For example, Grayscale’s research reports explicitly classify ecosystems like Solana and Avalanche as "quasi-asset" level allocations, which two years ago would have been unthinkable. Even projects combining AI and blockchain, like Fetch.ai, which has partnerships with giants like NVIDIA, have seen short-term surges that are almost ridiculous. So the issue isn’t whether funds will flow out, but that smart money has already begun quietly positioning in projects with real technological backing.

Another heavily overlooked point is the practicality of the tracks. Many people automatically think of MEME coins when mentioning altcoins, but the logic of this cycle has indeed changed. For example, the RWA (Real World Assets) track—Ondo Finance tokenizes US bonds, and institutions like BlackRock and Goldman Sachs are paying attention. This isn’t hype; it’s a real asset allocation need. Then there are Layer2 solutions—Arbitrum and Polygon are addressing Ethereum’s annoying gas fee problem. This is a necessity, and the ecosystem has long accumulated a large number of applications and users. Projects like these can survive because they are supported by underlying logic.

Ultimately, the opportunity now may not be about chasing hot trends but about clearly understanding which projects are solving real problems. This is a market that requires more nuanced judgment.