Looking at the recent market trends, nearly half of the top 20 assets have broken through the 200-day moving average. This phenomenon actually reveals a lot— the market structure is starting to show strength.

Interestingly, the value ratio of small coins to BTC has returned to the levels seen in mid-2020. What does this indicate? Investors' risk appetite is clearly at a low point in the cycle. However, such extreme positions often conceal turning points.

According to historical experience, once this ratio rebounds by about 5 percentage points from the bottom, it usually signals the beginning of a broader market expansion to other assets. In other words, if this logic holds, it may not just be large cryptocurrencies that rise next; smaller assets will follow suit. We are currently observing when this critical point will arrive.