Last month, the market experienced a fierce wave: mainstream tokens plummeted over 5% in a single day, key support levels were directly breached, and the number of liquidated positions across the network approached 240,000. According to past scripts, alts should have dove along with it. The result? This group of "little brothers" has surprisingly steadied themselves this time, with the decline significantly narrowing.

Is this "Mainstream Token plummet, alts resist fall" a temporary rebound or have the rules changed? After watching the market for so many years, I believe there are several key signals hidden behind it.

**Quality projects are no longer "running companions"**

The previous alts, to put it bluntly, were just shadow assets riding on the hype – they rose when the mainstream tokens rose, and they fell harder when the mainstream tokens fell. However, after several rounds of cleansing during the bear market, the projects that are still alive now have some real capability.

Some tokens employ a deflationary mechanism, automatically destroying a portion of the supply with each transaction. The more the circulating supply shrinks, the harder the price bottom becomes. There are also some that have directly landed applications, whether it's on-chain storage or cross-border settlement, which can generate actual profits. Although there are a plethora of coins in the market, those that truly have a technological moat and user ecosystem have become scarce. The pricing logic of such projects is no longer completely tied to Mainstream Tokens.

**Funds didn't run away, they just changed tracks**

This time, the Mainstream Token has fallen, with the core reason being internal: a certain type of fund experienced a historical second-high net outflow in a single day, and a group of long-term holders concentrated their selling. However, the money did not leave the market but flowed into other targets.

This is completely different from the past "panic sell-off." In the past, once a Mainstream Token crashed, the market would immediately enter a survival mode, with all assets being indiscriminately sold off. Now investors are more rational—they can distinguish between "this coin has a problem" and "the entire market is doomed." Funds are starting to rotate: after withdrawing from high-priced assets, they look for undervalued targets to reallocate. This structural portfolio adjustment has instead strengthened the market's risk resistance.