Recently, many people have been eagerly awaiting.

The Federal Reserve's reverse repurchase agreement (RRP) scale is shrinking, which theoretically means liquidity is being released. Money is flowing out of the Federal Reserve's accounts. For a time, many took this as a lifeline, imagining that the "Shanzhai Season" is about to explode.

But I looked into on-chain data and found that things are not that simple. Even if RRP is completely cleared, it won't save those coins without fundamentals in your hands.

**Where did all that money go?**

The money released by RRP is indeed real cash. But this money isn't flowing aimlessly. Where does it preferentially flow? US Treasuries, US stocks, and Bitcoin.

On-chain data doesn't lie. The Bitcoin ETF channels are already open, and institutional funds are continuously flowing in. Bitcoin's liquidity is more than sufficient.

The problem is—there's already a broken bridge between Bitcoin and altcoins.

The previous spillover effect of "Bitcoin rising, altcoins following" has completely failed this cycle. Frankly, funds are not stupid. In such a high-interest-rate environment, who would want to take on the hot potato of altcoins?

**Your cup is broken**

Why are funds reluctant to flow into the altcoin sector? Because, in essence, today's altcoins are not assets but printing presses.

Just flipping through the unlocking schedules of a few popular altcoins is truly shocking. Ridiculously high FDV (Fully Diluted Valuation), pitifully low circulating supply. This has become the standard. Project teams and investment institutions hold 90% of the chips.

Even if RRP really releases some liquidity into the altcoin sector, it will immediately be crushed by massive subsequent unlocks, instantly diluting everything to zero.

FDV is like a妖镜 (a magic mirror that reveals true nature), unlocking is like a touchstone. When you buy on the secondary market, you're not really investing; you're working for the big players in the primary market to cash out.