The current crypto assets market is presenting a unique phenomenon: the bull run performance of alts is significantly lagging behind that of mainstream tokens. This phenomenon is intertwined with multiple complex factors.

First of all, from a cyclical perspective, this bull run has extended to 37 months, which is 2-3 months slower than the usual rotation pace. Bitcoin's dominance remains strong, maintaining around 60% market share, which leads investors to maintain a cautious attitude towards alts, making it difficult to attract enough funds to drive their rise.

Secondly, the macroeconomic environment poses certain obstacles to the development of alts. The 10-year U.S. Treasury yield has reached 4.6%, and the high interest rate environment suppresses overall market liquidity. Although the Federal Reserve may cut interest rates in September, the ongoing inflation issues continue to delay the rebound of risk assets, and alts, as high-risk assets, naturally find it difficult to escape.

In terms of capital flow, Bitcoin and Ethereum continue to attract institutional investors due to their clear compliance, resulting in a large amount of funds concentrated in these two mainstream tokens. In contrast, alts struggle to initiate market movements due to a lack of funding support.

Investor sentiment and regulatory environment are also important factors. After experiencing earlier market fluctuations, investors have become more rational and pay more attention to the substantive content of projects. At the same time, the unclear regulation of altcoin-related ETFs and the DeFi sector has deterred institutional investors, further limiting the development space of alts.

In terms of supply, there are over 15,000 types of alts in the market, and the excessive number of coins has diluted market liquidity. Additionally, venture capital funding has significantly decreased, from 29.4 billion in 2022 to 7.1 billion in 2024, resulting in most altcoin projects lacking funding and substantial support.

Although the current market energy is accumulating, the future development of alts still has uncertainties. If macro policies turn to easing and regulatory policies become clearer, it may trigger a rotation market for alts. However, this rebound may be more selective, with only those projects that have substantial advantages expected to stand out in the future market.

In this complex market environment, investors need to stay vigilant, conduct in-depth research on the fundamentals of projects, pay attention to regulatory trends, and weigh the risk and return to cope with the potential opportunities and challenges of the altcoin market.