$BTC #比特币减半 #山寨暴跌 The decline of Bitcoin this morning led to a sharp drop in the altcoin market. The big pie fell four points, and the altcoins generally fell by more than 20%.

The figure below shows the global volatility difference in the early hours of yesterday. Many targets even fell back to the starting point of last year's bull market.

This also proves that in this round of bull market, any blue chip no longer has the money-making effect of the previous rounds of bull market. Many people may still retain the inertial thinking of the past few years, thinking that they can lie flat and be free from wealth by just buying the bottom of the altcoin. But when you really buy the bottom, you will find that your full warehouse of altcoins can't even outperform the big pie. A 4% correction of the big pie will return to the pre-liberation period overnight. The general rise of the altcoins requires a large amount of incremental funds to enter the market, which is commonly known as water release. Obviously, the water of financial institutions led by Wall Street in this round of bull market has been put on BTC.

As for whether there will be altcoin season in the future, we don’t know, but judging from the current situation, many targets have indeed reached the point where they cannot be any cheaper. You can buy the bottom appropriately. But my point of view remains unchanged. Even if most altcoins are cheap enough, you must not go all in on altcoins. BTC is the protagonist of this round of “institutional bull”.