The bull market has made another leap forward in the late stage and is about to enter the blue altcoin season area. The next step is that everything that should rise has risen, and even what shouldn't has risen, all together. It's uncertain how much longer the tail end will last, maybe a few months. Since the market has been lifted by ETH, it has indeed provided many opportunities: opportunities for new coins (recently OPEN, AVNT, and before that the pump WLFI), arbitrage opportunities (funding fees, the price difference of XPL's hy bn), and opportunities for flipping (fun fact: WLFI's opening ETH to SOL had over a dozen points of profit). WLD provided a time to get in, while MYX seems to be something I can't figure out and haven't touched.

I have two questions: 1. Why did WLFI rise sharply before the spot market opened yesterday? Can you clarify the logic behind it? 2. After the spot market opened, there was a sharp drop in sales. Why don't we short it, and what are the risks involved? Ultimately, we know nothing about the market.

Have you noticed? BTC is sluggish, ETH should rise. Today BTC dropped, but ETH, BNB, and SOL are holding their ground, and even giants like WLFI and XPL can still rally against the trend. Previously, everyone was playing on-chain, mostly on ETH. Then SOL saw the emergence of meme coins, which was the first step towards aesthetic diversification. I remember in 2023, I was working at DODO, and at that time Uniswap still held the top spot with a 50% market share. But soon, projects like maverick, Ray, and those on SOL and AVAX chains began to carve up the market. The landscape shifted from "one dominant player" to "one strong player among many," gradually changing the dynamics. The diversification of aesthetics is still ongoing. Everyone is playing their own altcoins, trading their own meme coins, and attention is scattered, making it harder to find a universally acclaimed "god-tier" coin. As a result, moments of widespread enthusiasm for coins like bome, goat, and moodeng are becoming increasingly rare. Behind this is essentially market fragmentation. Funds are sliced, narratives are fragmented, and emotions are divided. Thus, what you see is: at the same time, some coins are halving while others are doubling. In the past, they moved together; now, they rise and fall independently. I once asked a guest at a sharing session why ETH suddenly weakened. He replied: aside from BTC, whether altcoins can rise depends on BTC. Only when BTC rises and stabilizes can altcoins discuss fundamentals. Otherwise, the market at that time would be: when BTC is bearish, altcoins are useless. But now, the landscape has changed. BTC is moving sideways in the 11k range, while ETH is performing solo, with a list of altcoins doubling in a day. Strategic reserves are no longer just MicroStrategy hoarding BTC; instead, there’s a blooming variety of coins and stocks: SOL and BNB both have their own funds, and Pengu can even ring the bell on Nasdaq. Even more extreme, even if BTC drops, XPL and WLFI are still rising, and SOL and BNB can hold their own market. So, the diversification of aesthetics may be a trend, an inevitable evolution of the market. The next development might be BTC gradually fading into the background in the future blockchain boom. It will be remembered like Ordi as a pioneer. But if it cannot truly empower, its status may ultimately remain just as a "pioneer."