$BTC has once again broken a new high, reaching 106,000, but a glance at social media shows that everyone seems very calm, lacking the excitement that accompanied the previous bull market's new highs.

The reasons are quite clear:

1⃣ This wave is driven by institutions pulling the strings, mainly pushing BTC, and there isn't much new capital flowing into other altcoins; for example, ETH has yet to reach a new high.

2⃣ More and more new assets are emerging, which is diluting the pool of funds. Assets like NFTs and inscriptions are siphoning off liquidity, and retail investors, aiming for high returns, are unlikely to heavily invest in Bitcoin.

In web2, buying Bitcoin is seen as a highly risky operation; whereas in web3, purchasing Bitcoin is considered the least risky operation. This reflects the world's disparities.

I firmly believe that there will still be a market for altcoins this time; however, due to the excess of assets and highly dispersed liquidity, how many altcoins can yield returns that surpass Bitcoin?

For the upcoming altcoin market layout, I think we need to focus on two key concepts:

1. The reservoir for funds overflowed from Bitcoin, namely ETH and XRP.

2. President Trump's selected picks, including DeFi, U.S. projects, and compliant concepts like LINK, AAVE, ENA, ONDO, etc., need to be closely monitored in Trump's wallet.