Answer a few questions that retail investors in the crypto world are currently most concerned about.

1. How to understand bull markets and bear markets? Why do many people still lose money even in a bull market?
The bull and bear markets are actually the natural rhythms of the market, much like waves. A strong upward wave is a bull market, while a pullback and consolidation is a bear market. Generally, the first and third waves of an upward trend are very brief, while the longest phase is the second wave pullback, which is characterized by a prolonged decline and sideways movement. Many people fall before the dawn of a bull market simply because they can't endure that endless period of bear market.
The biggest reason for losing money in a bull market is actually buying in the wrong position. The essence of trading is to buy low and sell high, but most people do the opposite: they dare to buy only when the price goes up and cut losses when it goes down.
2. Are altcoins scams? Why do market makers sometimes lose money?
Most altcoins have no real value; their existence is solely for speculation. 99% will eventually go to zero, only to change the narrative and continue to deceive the next round.
In this round of the bull market, altcoins performed poorly, and it's not just the retail investors who lost; many market makers were also taken advantage of by exchanges and whales. Some who bought in low were directly crushed and ended up cutting losses in a daze. The crypto world is about layers of exploitation, where big fish eat small fish, and small fish eat shrimp. Those without connections and strength will inevitably be harvested.
When the market is good, the big players easily make money by raising prices; when the market is bad, no one is willing to take over, and they just dump their holdings and run. Even institutions follow the 80/20 rule—those with fuller wallets are more likely to survive.
3. Why did Bitcoin rise while altcoins did not follow?
Bitcoin can rise because all the capital and attention are focused on it. Now it is basically linked to the US stock market, and large funds only buy Bitcoin. In the last bull market, liquidity was strong, so altcoins could also rise. But this round is different, with limited capital and new coins reaching their peak as soon as they are listed; project teams can make money just by managing market capitalization.
ETH and several major projects have all crashed this round. The project teams made money, but the secondary market is lifeless. Retail investors' hot money has all gone to meme coins and small-cap coins, while old coins are not only not rising but falling, with many prices lower than during the bear market. This round of bull is a bull for mainstream coins, and most altcoins need to be viewed separately.
4. Will the explosion of altcoins come?
Yes, it just hasn't started yet. Currently, many candlesticks are fake, and the market trend is likely to appear in Q4 2025 to the first half of 2026. As long as there are coins operated by market makers, there will be a wave of market activity. For example, mainstream coins through ETFs; coins without market maker operations may remain silent this round. #当前行情抄底还是观望？