When the price of Bitcoin jumped past the 120,000 mark on the screen, the entire crypto market witnessed a historic moment. However, unlike the past fanfare during breakthroughs of 69,000 and 100,000 dollars, this time the market presented an unusual calm. The sporadic good news in the market could hardly mask the silence, and the once fervent cries of "To da moon" have vanished without a trace, leaving only the indescribable "fear of rise" in the hearts of investors. This calm is not without reason. Over the past three months, Bitcoin has accumulated a rise of over 46%, with the continuous pump and refreshing highs resembling a prolonged sensory stimulation, significantly raising investors' excitement thresholds. What used to ignite market enthusiasm with just a few percentage points of fluctuation now feels increasingly muted, even as Bitcoin reaches new highs; the relative value of its "+%" continues to shrink, and the sense of excitement is steadily diminishing, leaving people somewhat numb to such a pump.

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But the deeper reason lies in the subtle shift in the narrative logic of Bitcoin. It was once viewed more as an emerging asset full of speculation, with price fluctuations closely tied to market hype. Now, with continuous regulatory benefits being released and institutional funds consistently entering the market, Bitcoin is gradually becoming a macro asset to hedge against the reckless fiscal expenditures of the U.S. This new high is no longer purely driven by market speculation, but rather a result of deeper macro changes. When an asset transitions from a speculative tool to a macro hedging tool, the market's emotional expression naturally becomes more restrained and rational.

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In stark contrast to the infinite glory of Bitcoin, Ethereum is struggling painfully. After 5 months, Ethereum has only managed to crawl back to the high of $3050 from 5 months ago, while during the same period, Bitcoin has risen by 17%. This phenomenon of "Bitcoin being the only star, with altcoins not following or even lagging behind" is not accidental. Since 2024, due to factors like spot ETFs leading institutional funds to concentrate on Bitcoin, this has been a persistent issue troubling the entire crypto market. The massive influx of institutional funds has given Bitcoin a more dominant position in the market, and the siphoning effect of funds has left altcoins with noticeably insufficient upward momentum. Currently, although altcoins are showing an overall upward trend, there are still doubts in the market about whether the "altcoin season" can truly arrive. The past VC trust crisis has shaken investors' confidence in altcoin projects, and the shadow of large unlocks causing crashes often looms over the market. The rise of Meme coins has also diverted funds that could have flowed into altcoins. These intertwined factors have made the recovery path for altcoins full of uncertainty.

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It is worth noting that the excitement in the market has quietly shifted. Once, Bitcoin's new highs were the focal point of the entire market, with every breakthrough sparking widespread discussion. Now, more attention is being directed towards altcoins, with hopes that they can experience a breakout. After all, a healthy market requires the shared prosperity of diverse assets, rather than the dominance of a single asset. Bitcoin breaking through the $120,000 mark is a new milestone; it not only signifies a price increase but also indicates that the crypto market is undergoing profound changes. In this process, the narrative logic of Bitcoin is changing, the flow of funds in the market is changing, and the focus of investors is also shifting. Where the crypto market will head in the future, and whether the "altcoin season" will arrive as expected, still requires time to provide answers. But it is certain that this market is embracing new challenges and opportunities in a more mature and complex manner.