Let's take a look at the current market's objective situation - the number of altcoins hit a new high, with 1 million new coins created in May alone, twice the number of tokens on ETH from 2015 to 2023. The proportion of altcoins to BTC has been on a downward trend this year and is now close to the lowest point in the bear market. The overall narrative is relatively backward, and specific narratives perform significantly better than other narratives, lacking killer application innovation. The altcoin market as a whole has entered the PVP stage - a general rise in Q4 of 23, more wins and fewer losses in Q1 of 24, and extremely dispersed liquidity in Q2 of 24, with more losses and less wins. In summary, the market has no money, and altcoins are too saturated to pull up, and the overall liquidity is relatively poor, which may be more difficult than the bull market in 2020. The development of anything is constantly evolving and will not remain unchanged. If you play the altcoins of this cycle according to the logic of the previous round, your mentality will inevitably collapse.