Bitcoin fluctuates around $88,000, Ethereum's growth is sluggish, and many altcoins are still falling. I’ve recently realized that the playbook of the crypto market has completely changed.

Since entering the market in 2017, I’ve seen storms and calm, but this year’s situation is indeed special. Old routines are no longer popular, and new rules are being rewritten.

**Bitcoin rises alone, Altcoins lose blood**

The 2025 market trend is clear—Bitcoin surged from $70,000 at the beginning of the year to a high of $125,000, a 78% increase. During the same period, its market share jumped from 50% to 60%, which is rare in recent years. Institutional funds are pouring in continuously through spot ETFs.

What about altcoins? Most projects in the top 100 underperformed Bitcoin all year. Even more painfully, many coins have fallen more than 80% from their all-time highs in 2021, and some trading volumes have been cut by 70% compared to 2021.

This divergence is becoming more obvious—after institutions established standard tools like ETFs, do retail investors still have a chance with altcoins? This is a question worth pondering.

**Why are altcoins being sidelined**

The root cause is simple. After institutional funds entered, the first choice was Bitcoin spot ETFs, creating a siphon effect. Altcoins’ liquidity was already fragile, and with large funds coming in, they appear even more isolated.

Plus, with stricter regulatory environments, increased project risks, and intensified ecosystem competition, retail investors’ risk appetite is also declining. The once fervent "all in altcoins" mentality has faded, and rational investors are now focusing on top assets.

This is not the end for altcoins, but definitely a turning point. The market is undergoing a process of survival of the fittest, funds are being re-priced, and rules are being redefined.