#特朗普撤销农产品关税 This year, friends holding Spot may feel the hardest - the bull run atmosphere is still there, but the account is not rising and instead shrinking.

The root of this awkwardness lies in the changed market structure. $BTC is increasingly resembling mature assets, with steadier movements and smaller fluctuations; the period of explosive rises and falls has basically passed. In contrast, those altcoins now feel more like high-risk games, where rises and falls are entirely dependent on emotions and narratives, and they could drop to zero at any time.

Comparing to the previous market, we can find the differences: back then, you could just pick a reliable project to hold long-term, or directly buy $ETH and lay flat, and you would most likely be able to reap profits. But what about now? Mainstream coins are going sideways, altcoins are seriously differentiated, and the blind all-in strategy no longer works.

In simple terms, the essence of this cycle is that the circulation is close to its peak, and the incremental funds are limited. The market has shifted from a universal rise to a competition for existing stocks—you need to be better at selection and timing than before; otherwise, holding Spot will only make you anxious.