Recently, the crypto assets market has shown new trends. The traditional "alt season" concept seems no longer applicable to the current market environment. Market participants, including governments, listed companies, investment funds, project parties, and large investors, are generally focusing their attention on mainstream crypto assets such as Bitcoin and Ethereum.

Several key factors have contributed to the formation of this trend:

First, many newly launched small crypto asset projects primarily aim to raise funds from retail investors, which are then converted into mainstream crypto assets. Major institutional investors typically do not participate in these projects that lack substantive content.

Secondly, the market cycles of the past four years indicate that the traditional "alt season" concept has become ineffective. In previous cycles, when Bitcoin's market share dropped to around 40% and Ethereum's to about 20%, it was typically seen as a signal for small crypto assets to start performing. However, in the current situation, despite small crypto assets having fallen for nine consecutive months, Bitcoin's market share remains above 58%. Many retail investors still hold small crypto assets, leading to a significant reduction in their investment value.

Ultimately, the future volatility of Bitcoin prices is expected to decouple from the performance of small-cap crypto assets. The era of high returns from long-term holding strategies may be over, and retail investors may need to shift their focus towards short-term trading opportunities in Bitcoin, Ethereum, and the top ten mainstream crypto assets (excluding stablecoins).

Overall, the market is undergoing a significant transition period, and investors need to adapt to this new market dynamic and reassess their investment strategies.