This flavor does feel a bit familiar. Remember last October's wave? The central bank printed tens of billions in liquidity, and as a result, MEME coins like DOGE took off. Now they've printed another 2 billion, and PEPE is leading the rally again. Is this just a coincidence?

Why do MEME coins always react first? Basically, because retail investors form the largest base. These kinds of tokens can quickly boost market sentiment and increase overall liquidity. Once the sentiment is up and funds become more active, a chain reaction naturally follows.

But there's a phenomenon to watch out for—funds flowing out of Bitcoin and Ethereum. Yes, outflow. Although the market looks lively, the capital flow in mainstream coins is actually weakening. What does this mean? It indicates that the current inflow of money is more about speculating on sentiment and chasing returns, rather than genuine confidence in the fundamentals.

Following the rhythm, institutions are likely to start cashing out before the Spring Festival. After retail investors take over the positions, you can probably guess what happens next. So, the key is to clearly understand your position and not get caught up in emotional impulsiveness.