The reasons for this bull market that have nothing to do with altcoins are as follows:
First, the approval of ETFs has led to a change in the liquidity transmission mode of the market
In the past, the path for incremental funds to enter the market was generally "stable coins - BTC, ETH - altcoins", but now the incremental funds from the traditional market are more inclined to directly invest in BTC through ETFs, which also leads to the inability of funds to continue to be transmitted, resulting in a lack of liquidity in the altcoin market.
Second, the continuous unlocking of "VC tokens" has brought continuous selling pressure, resulting in a market pattern of "supply exceeding demand" - looking closely at the circulation changes of some altcoins, you will find that although the prices of some tokens continue to fall, the circulation market value continues to set new highs.
Third, new projects that opened at sky-high prices are constantly draining the remaining liquidity in the market
ZKsync, LayerZero, Blast... A lot of popular projects that have been hyped for a long time are queuing up to go online, and FDV generally reaches the level of billions of US dollars, which further exacerbates the lack of liquidity in the altcoin market.
