#数字货币市场洞察 I've been chatting with friends in the community for a long time recently, and there's one question everyone keeps asking that really stumps me—

Bitcoin is going up, Ethereum is going up, so why are the altcoins I'm holding not moving at all?

Honestly, I'm a bit confused myself. Sometimes I really miss those days around 2020: there weren't as many coins as there are now, investment strategies were simple, and everyone just played the secondary market. When Bitcoin went up, altcoins would soar with it; when Bitcoin dropped, altcoins adjusted together. As long as you got the big picture right, all you had to do was buy and hold, and those valuable projects would eventually surprise you.

But now, things have changed, and a lot of people are getting lost—it's hard to compete with the whales in the primary market, and most people just end up being exit liquidity; the altcoins you bought on the secondary market are deeply underwater, and so-called value coins keep hitting new lows. Even though it's a bull market, can these altcoins even recover?

After thinking it over, I figured the problem comes down to a few things:

**There's actually plenty of capital.** The market isn't short on money—whenever there's a hot topic, sentiment spikes and funds flow in immediately, no doubt about that.

**Old coins are hard to revive.** Unless they have real-world applications, most old projects are already close to being fully decentralized, and the teams don't have any tokens left. Why would we expect them to pump again?

**Chasing the new is the norm.** The market always chases new things, never the old. Nobody wants to rehash the same stuff, and even I don't want to touch those old altcoins anymore.

**Investment directions are too scattered.** Primary market, secondary market, inscriptions, meme coins, various schemes... With so many options, capital naturally gets diluted.

**New coin supply is exploding.** Back then, when a major exchange listed a new coin, tons of people were waiting for it. Now, listing new coins is as common as drinking water, and the quality is all over the place—tons of junk coins, just tools for whales to harvest the market.

**Holding is no longer a universal key.** Holding long-term used to be the best strategy, but now you could end up going straight to zero.

**Improving your knowledge is more important than ever.** If you want to make any money in this space, just knowing how to buy and sell isn't enough. You have to learn and understand this market from multiple angles and in different fields.

Crypto is definitely getting more complicated, but the opportunities are always there. The key is to see the direction clearly and not get blinded by surface-level hype.