There are several reasons behind this: although the approval of the Bitcoin ETF makes it easier for institutional funds to enter the market, the SEC's regulatory stance on alts remains unclear, and many funds are hesitant to place bets.

This round of the bull market focuses more on "value narratives" rather than pure conceptual speculation. Projects with practical application scenarios, such as AI, DePIN, and RWA, are more favored by funds, while pure meme coins or altcoins lacking fundamentals are neglected.

Large funds are more willing to allocate to Bitcoin and a few leading alts, while small and medium market cap projects face liquidity issues, leading to weak upward momentum.