Can altcoins still be acquired? The logic of this bull run may be different from what you think.

In the past bull run, new retail investors flocked in, investing purely based on intuition, with many blindly buying under the mindset of "buying altcoins will make you rich," and at that time, it seemed like any small coin would rise in value. But this time is clearly different—this round of the bull run is led by institutional funds, not retail investors.

Think from a different angle: If you were a fund manager holding a huge amount of capital, would you invest in those unknown small alts or outdated meme coins? The likelihood is low. After all, when writing an investment report, how would you explain the reasons for buying these coins to your superiors? How would you justify their rationality and potential returns? This is simply setting yourself up for a difficult problem.

Institutions are more inclined to invest in top large-cap projects, especially those based in the U.S.—they are better regulated, more transparent in their operations, and easier for institutions to recognize. Therefore, in this bull run, funds are likely to concentrate first on these quality projects, sparking a wave of institutional buying. As ordinary investors, we should actually follow this trend and not always think about bottom-fishing those neglected alts; otherwise, we may end up losing everything.

Of course, we can observe the situation of new retail investors entering the market later. If retail investors flood in on a large scale and market sentiment is completely ignited, altcoins may experience a small rally, but that will inevitably come with both risks and opportunities. Before that, holding onto major coins is clearly more reliable.