#大户持仓变化 Market sentiment has really cooled down.

Bitcoin is hovering around 87,000, with no decisive moves. Ethereum is also repeatedly testing the 3000 level but can't break through. What's more heartbreaking are the altcoins—looking at the candlestick charts, green dominates the screen, with occasional red candles, but those aren't signs of a rebound; they seem more like the last struggle before being cut.

A careful observation reveals that the market logic has changed. In this wave of行情, funds are reallocating. It's no longer about diversifying into various small coins, but major capital is concentrating into a few top projects. You can see liquidity clearly shifting—mainstream coins are absorbing value, while those coins that once promised 2x or 10x returns now look more like unsellable inventory.

The problem is quite obvious: do small and medium-cap coins still have a future? It's not just about price; it's about market enthusiasm and the capacity to absorb funds. When the wind truly arrives, this divergence will only intensify.