After a year of altcoin bear market, many market consensus points have been overturned.

1. It's been a long time since anyone mentioned Bitcoin sucking blood from altcoins; people have realized the issues of high FDV and token unlocks.

2. It seems there's no actual relationship where BTC rallies first, then ETH, then altcoins take their turn.

3. Traditional institutional capital is more inclined toward BTC and major cryptocurrencies.

4. Setting aside top projects, VC-backed projects have significantly lost their premium valuation.

5. Crypto narratives haven't disappeared, but pure narratives alone can no longer drive speculative market trends.

6. The tokenomics, chip distribution, and exit paths of many VC projects are fundamentally unfit to be listed on CEX for price discovery.

7. Token listings on CEX don't necessarily bring buying pressure; most projects' performance post-listing is straightforward—early community holders are dumping.

8. The myth of making money through airdrop farming has collapsed (it's been collapsing for 1 year now; the airdrop sector is currently like a corpse).

9. Liquidity hasn't evenly dispersed across all altcoins; it's related to the ability to compete for and lock in value.