The collapse of the altcoin market, what caused this round of bull market to have nothing to do with altcoins. What to do next?

The reasons for this round of bull market that have nothing to do with altcoins are as follows:

First, the approval of ETFs has led to changes in the liquidity transmission mode of the market. In the past, the path for incremental funds to enter the market was generally "stable coins - BTC, ETH - altcoins", but now the incremental funds from the traditional market will be more inclined to directly invest in BTC through ETFs, which also leads to the inability of funds to continue to be transmitted, resulting in a lack of liquidity in the altcoin market.

Second, the continuous unlocking of "VC tokens" has brought continuous selling pressure, resulting in a market pattern of "supply exceeding demand" - if you look closely at the circulation changes of some altcoins, you will find that although the prices of some tokens continue to fall, the circulating market value continues to set new highs.

Third, new projects that opened at sky-high prices are constantly draining the remaining liquidity in the market. io.net, ZKsync, LayerZero, Blast... A lot of popular projects that have been hyped for a long time are queuing up to go online, and FDV will generally reach the level of billions of dollars, which further aggravates the lack of liquidity in the altcoin market.

Fourth, this year's market is unpredictable. Memes have disrupted market sentiment, and the market has shown a bull-bear alternation, leaving analysts at a loss. However, the outflow of Bitcoin ETFs is still the key reason for this decline.

Fifth, South Korean financial authorities may delist about 600 altcoins this year. This move is a response to the upcoming "Virtual Asset User Protection Act", which will take effect on July 19.