#流动性激励与收益 I have truly felt the power of liquidity stratification recently. Watching Bitcoin and Ethereum take turns rising, while altcoins remain stagnant, many people are asking me why they didn't jump in. The key point is this—funds enter the market in sequence, not all at once.

Institutions pile funds into BTC and ETH through spot ETFs—that's the first wave; derivatives traders and leverage players push prices through basis trading—that's the second wave; only when retail investors gain real confidence does the altcoin season arrive. In other words, a Bitcoin rally does not necessarily mean an altcoin season is coming; this logic has long been outdated in the new cycle.

Currently, I focus on three signals: the trend confirmation of BTC.D, the performance of ETH/BTC, and the growth of stablecoin supply. As long as none of these turn fully green, I will honestly look for opportunities among mainstream coins. On another note, there have indeed been more new projects lately—Upheaval, Yield Basis, Tea, all ongoing—but my advice is not to go all-in right away. Observe liquidity conditions, confirm that rotation signals are genuine before taking action, so you can participate with the lowest cost and maximum interaction, avoiding getting trapped by pump-and-dump schemes. The altcoin season will come, but its timing depends on liquidity, not our expectations.