In the early hours, Bitcoin surged to a new high, and this strong momentum pulled Ethereum's price upwards. The upward trend of Ethereum, to some extent, also drove some altcoins to follow suit. However, after a night of market fluctuations, altcoins have all retraced to their original price levels.

Since the last price spike, many altcoins have failed to recover to their previous price levels. Bitcoin's market share has consistently remained high, and only when capital spreads out from Bitcoin will altcoins have the opportunity to develop.

The influx of funds into Bitcoin almost entirely comes from institutional purchases, while retail investors hold relatively few Bitcoins. Most retail investors hold a variety of altcoins, and they have been eagerly anticipating the arrival of a bullish season for altcoins. However, judging from the results of recent market fluctuations, altcoins are entirely in a state of being drained by Bitcoin, showing no signs of following the rise, especially in the current meme sector.

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