Recently, I discussed the phenomenon of Ethereum's price breakthrough with peers, particularly focusing on why many small cryptocurrencies have failed to rise accordingly. This stands in stark contrast to the commonly seen patterns of broad or rotational increases in past cycles.

Analysis indicates that this is not due to a lack of market funding—insights can be gleaned from the issuance of stablecoins. The key is that this surge in Ethereum is primarily driven by the traditional financial market, making it difficult to trigger a large-scale spillover effect.

Investor behavior has also undergone significant changes. Nowadays, they are more cautious, tending to avoid projects lacking substantial support or insufficient appeal, preferring to miss opportunities rather than take risks.

The current market trend is reflected in the Binance gainers list, where the top-ranked cryptocurrencies are mostly those with strong chip structures and active market-making. This means that the traditional sector-wide bullish pattern is no longer applicable.

It is worth noting that the contract market is particularly active. As the number of small coin contracts on the Binance platform increases, the high leverage opportunities it offers have attracted a large number of retail investors seeking quick profits.

Under the dominance of small-cap contract and meme coin two major hotspots, unless there is a large-scale liquidity injection similar to that of 2021, it is difficult to see a resurgence of small-cap uptrends.

Therefore, in this cycle, I choose to conduct in-depth research on several specific altcoins or emerging narratives, while also making early investments and holding mainstream coins with development potential for the long term. This strategy may yield better returns in the current market environment.