Do you feel that the market rhythm has been a bit strange lately?

Bitcoin is oscillating at high levels, uneventfully. But on the other side? Various altcoins, infrastructure tokens, and public chain coins are like they’ve been injected with hormones, with one big bullish candle after another. Even those long-forgotten old projects suddenly see skyrocketing community activity and trending buzz.

Many people chase after these moves, and in the end, they all ask the same question: Is this really the arrival of a bull market, or is it just the final疯狂收割?

**Why are funds moving first into these "old antiques"?**

The key lies in what the market currently lacks. Is it money? Yes, it’s indeed lacking. But what’s even more lacking is clear direction and consensus. Bitcoin is stuck here, and large funds don’t dare to enter rashly. So what about the existing capital? Should it be devalued sitting in accounts? That’s unrealistic.

So the logic is simple: look for those that have already fallen thoroughly, still have a bit of a story to tell, and can create sector resonance when pumped. Public chains, infrastructure projects? Perfect fit. They have big names, many foundational fans, and past glory that everyone remembers, which easily triggers collective "sector rotation" memories.

Pumping these creates a false impression — as if a bull market is coming, and opportunities are everywhere. Using the least ammunition to hit the easiest targets that can produce the biggest impact. This isn’t about fundamentals being strong; it’s purely a calculation of capital efficiency. With limited bullets, first see which direction can most easily amplify volume.

**Is the current market a final疯狂还是新周期的预演？**

Two camps argue endlessly, but there’s no absolute answer.

My view is: this wave of action is essentially existing capital’s self-rescue breakout within a fixed framework. It looks lively, but the game is actually quite risky. Funds are rotating among "old antiques," creating an atmosphere of everyone adding fuel to the fire, but the risk is: once consensus fractures again, or a new, stronger narrative emerges, these rebounds can also collapse easily.

For most people, blindly following the trend can easily lead to pitfalls. This isn’t to say you can’t participate, but you need to understand your position in this chain — are you an emotional participant, or do you truly understand the basic logic? The former carries extremely high risk.