The cryptocurrency world has long been a relatively closed and independent circle, where funds only flow within this closed circle, leading to a general rise and rotation of sectors.

However, since Wall Street institutions entered the market, Bitcoin has gradually ceased to belong to the cryptocurrency world. From this point on, buying/speculating on Bitcoin does not require entering the so-called "circle."

What does it mean to understand this sentence?

When we say Bitcoin does not belong to the cryptocurrency world, it means that Bitcoin is no longer driven by funds entering the cryptocurrency space, but rather by institutional funds from the U.S. stock market.

Wall Street institutions have kept incremental funds outside the circle, preventing them from flowing into it, while the original funds inside the circle can only drive a bit of local opportunities, such as meme coins.

Since the funds haven't entered the circle, Bitcoin naturally cannot drive the overall market. If Bitcoin falls, the funds will not flow into Ethereum or altcoins because those funds driving Bitcoin's rise are simply not in the circle.

Moreover, once Bitcoin starts to plummet, Ethereum and altcoins will bleed profusely and may go to zero.