Wu said that Coin Metrics published an article exploring the structural changes in the cryptocurrency market. As the crypto investment sector expands, funding has become more selective. Bitcoin's dominance continues to rise, with the growth of stablecoins and on-chain derivatives squeezing the space for altcoins. The altcoin sector is gradually shrinking and becoming more top-heavy, with the top ten altcoins increasing their share from about 70% over the past five years to approximately 82%. Since 2023, large-cap coins have significantly outperformed mid-cap and small-cap coins. The article analyzes whether the market capitalization is trending toward fewer, larger, and more mature assets, noting that while the market is continuously evolving, liquidity remains limited, and cryptocurrencies still need to compete with traditional assets. Although the barrier for altcoins to attract sustained funding has increased, market structure rules, the development of related ETFs, and favorable liquidity conditions could still catalyze altcoin rallies, but with more selectivity than in the past.