Bitcoin just won't drop, altcoins just won't rise. Are we really experiencing the so-called 'false bull market'?

The excessive issuance and chaotic distribution of altcoins, combined with the trapped positions during a general rise and the wealth effect on the blockchain, have drained the entire market's liquidity!! You can see that recently, even with new coins being launched, there has basically been no profit-making effect.

Once launched, it's a continuous decline, which already indicates that the market's liquidity is practically gone. If Bitcoin experiences another pullback, it means that market capital will bleed out completely.

That said, even if Bitcoin continues to rise and breaks 110,000, small coins will still be in this semi-dead state. For small coins to show any improvement, there must be off-market funds entering, or the funds previously locked up in large-cap coins like DOGE, XRP, and ETH must flow back out. If these large coins do not rise, altcoins cannot possibly perform well.

In the future, if Bitcoin pulls back, ETH may perform slightly better than other coins. A few days ago, ETH just broke this year's new high, and it's only about 20% away from its historical high. In the next phase, if Bitcoin stabilizes, it might be Ethereum's time to shine.

Furthermore, don’t forget that Trump's cryptocurrency fund's top holding is actually ETH, not Bitcoin, so this is not baseless. A pullback is only to allow for a better rise, just stabilize!