The reasons for this bull market that is not related to altcoins are as follows:

ETF approval: The approval of ETFs has changed the flow of funds in the market. Traditionally, the path for incremental funds to enter the market is "stablecoins - BTC, ETH - altcoins". However, now incremental funds from traditional markets prefer to invest directly in BTC through ETFs, which makes it impossible for funds to continue to be transmitted to the altcoin market, thus affecting the liquidity of the altcoin market.

VC token unlocking: Continuous large-scale unlocking has brought continuous selling pressure, resulting in a "supply exceeds demand" situation in the market. Although the prices of some altcoins continue to fall, their circulating market value continues to set new highs.

Sky-high opening of new projects: A series of long-hyped popular projects, such as io.net, ZKsync, LayerZero, Blast, etc., are rapidly consuming the remaining liquidity of the market. Click the main leaf to follow the official account: Bifangshe, free entry The fully diluted valuation (FDV) of these projects is generally as high as billions of US dollars, further exacerbating the lack of liquidity in the altcoin market.

In summary, these factors have combined to create a situation where the current bull market has nothing to do with the altcoin market, which faces greater challenges and liquidity issues.