**This Time It's Truly Different**

Recently, a phenomenon has left many old hands in the crypto space puzzled: Bitcoin has been soaring to new all-time highs, while other cryptocurrencies continue to falter. What about the legendary "Shanzhai Season"? Are everyone just waiting foolishly?

Actually, the crypto market is undergoing a fundamental transformation. The old cycle theory has become invalid, but not because the pattern itself has changed, rather because the players in the market have changed—from retail investors to institutional capital. That’s the key.

**Three Major Changes in Market Structure**

The source of funds has completely shifted. The 2017 bull run was driven by retail investors through ICOs; in 2021, it was the DeFi craze that drew attention; and by 2025? The money mainly comes from institutional ETF products, and these institutions only care about Bitcoin. Grayscale’s report directly states that Bitcoin is now "digital tech stocks," with a correlation to Nasdaq reaching 0.8, completely detached from the original crypto narrative.

Looking at altcoins, the internal structure has already collapsed. The VC coin model of "high valuation, low circulation" results in massive sell-offs once unlocked; meme coins, while siphoning liquidity from retail investors, cannot sustain the overall market. Plus, with the US SEC taking a tough stance on altcoins, institutions are even more hesitant to touch them casually.

A comparison of the data makes this clear: in 2017, Bitcoin surged 1900%, while the average altcoin gained over 100 times; by 2025, Bitcoin has increased by 78%, and altcoins have actually fallen by 27%. The cycle isn’t late—it’s permanently absent.

**New Rules: From Speculation to Real Investment**

The market now values real income over hype. Hyperliquid’s trading fees alone generate $100 million per month, which is then used for token buybacks—this is what institutions are interested in. The RWA (Real World Asset) track attracts institutions because it’s anchored to real assets (like government bonds) with regulatory backing.

Projects that want to survive must have two things: a genuine revenue stream and regulatory compliance. This is no longer a game for retail traders to razz; it’s serious financial competition.