#BTC Bitcoin is the only one that is rising this time, why don’t altcoins follow?

Generally, Bitcoin is the only one that is rising, and altcoins are more likely to not follow. I personally think there are only two possible reasons for not following the decline this time:

First, the altcoin market has already oversold and hit the bottom in advance due to the plunge on June 18. After the long and short battles, the short-term bottom has been priced, so the momentum for this decline is not that strong;

Second, the bullish sentiment in the market is still very high, and individual negative events cannot reverse the trend. According to the cycle theory, it will be a bull market in 2025, and only two of the three major events we expected in the bull market in the first two years (Bitcoin ETF, halving, and interest rate cuts) have been completed. There are still two major stimulus events in July, the listing of Ethereum ETF and the Fed’s interest rate cut, which have not happened yet.

Therefore, everyone is unwilling to hand over their chips halfway, and the BTC holding structure is completely different from that of altcoins. Most of the altcoin holders are insiders of the currency circle, who believe in the bull market cycle theory and are dragged out for a walk by the Mentougou incident every year. They have strong risk resistance, but Bitcoin has now evolved from being dominated by retail investors to being dominated by institutions. This is the first Mentougou incident after the ETF was passed, and it is likely to be the end of the wolf coming, so their risk aversion sentiment is definitely stronger.