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Current market speculation logic:
ETH remains the key engine for altcoin rallies; without ETH rising, it is basically impossible for altcoins to have a collective market movement.
The market structure is extremely fragmented: only top assets have the ability to consistently attract external capital.
The tail-end projects have basically lost their investment value.
The logic of funds is gradually maturing: policy, ETF, and treasury support have become the core standards for quality assets.