In the crypto world, there are actually different tiers, and the ways different people engage with coins are completely different.

The top layer consists of big players who hold Bitcoin. Their mindset is very simple - they only buy Bitcoin and don't even look at other coins, not even Ethereum. They believe that Bitcoin is the most reliable in the world, while the others are just experiments. These individuals often have strong financial backing and a very stable mindset, remaining unfazed by market fluctuations. Companies like MicroStrategy are typical representatives of this group. So, even when Bitcoin rises sharply, they won't buy Ethereum or other coins, and money won't flow from Bitcoin into other coins.
The next level down consists of those who work on projects, like Sun Yuchen. Most of them made their fortune from the Ethereum ICO back in the day, and naturally, they hold a lot of ETH, which they are quite reliant on. If Ethereum skyrockets, they will have money and will use it to pump their project’s coin, which would then drive a wave of altcoin market activity. However, this round, ETH has performed poorly, and the project teams haven’t made any money, so they can’t stimulate the market. That’s why you see many small coins not moving much.
Moving on, the majority of people in the crypto world have varying levels of experience, with some having been in the game for ten years and others for just a month. They have previously witnessed violent market movements where prices surged by twenty or thirty points in a day, so they look down on the traditional stock market's returns of just a few points over a year. They generally buy some "mainstream coins," such as AAVE, Dogecoin, FET, LINK, XRP, and SUI. When this group is active, the overall market heat rises, and when there is more money, a situation of "whatever you buy, it goes up" occurs, where both old and new coins can skyrocket. Then, after the peak, it dives straight down again, entering a long bear market.
The bottom layer of people is relatively miserable; they have basically lost most of their principal and are left with only a little money. They either play with high leverage and gamble their lives or place a desperate bet on some obscure coins that no one has heard of, hoping to make ten times their money overnight. But the reality is that among thousands of people, only one might be able to make a profit, while the others become the "chives" for others to profit from, purely being used as fodder.
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