The logic of the bull market has long changed. In 2021, ETH hit a peak with DeFi; it was a celebration of technological narratives, with hundreds of times coins blooming everywhere. In 2024-2025, SOL and BNB supported the Meme sky, creating a wealth effect that directly maxed out. Meanwhile, Ethereum, which insists that "technology changes the world," failed to break new highs for the first time in this bull market. Some say Ethereum's moat still exists. But the reality is, while other chains are competing to capture sentiment and indulge in human madness, it remains polishing its technology in place. Bull markets never belong to those who stick to ideals; they only belong to tracks that can create hotspots and ignite emotions. Ethereum's technological advantages have long been crushed by the efficiency, costs, and narratives of new chains. In the next bull market, can it break new highs again? I see it as uncertain.

Will altcoins still have opportunities in the next cycle? From a personal perspective, opportunities still exist but will be highly selective, no longer an "all-at-once bull season" like before. In my portfolio, I still prioritize Bitcoin and Ethereum as the main foundation. Altcoins and mainstream coins should account for less than 40% to control risk. In the mainstream group, I highly regard Solana, XRP, and Dogecoin due to strong capital flow attraction and community support. Meanwhile, Cardano and Litecoin are currently receiving less attention. Regarding trends, I still favor AI and DeFi. AI is high risk but has great potential, with options like Virtual Protocol and Bittensor. DeFi is challenging, but leading projects like Aave still have strong recovery potential when the market rebounds. In summary: keep core holdings in BTC – ETH, allocate altcoins reasonably, and focus on projects with clear growth stories. {spot}(SOLUSDT) {spot}(VIRTUALUSDT) {spot}(TAOUSDT)