Matrixport released a chart today stating that when Bitcoin's market capitalization share declined, their tactical model initially suggested a potential rebound for altcoins; however, as the total market capitalization of the crypto market weakened again and showed signs of decline, the rebound failed to continue. Over the past one to two years, altcoins have generally underperformed; according to the indicators they track, market preference has remained more inclined towards Bitcoin in most phases. It should be noted that in previous years, it was uncommon for altcoins to consistently underperform during periods of Bitcoin strength. Given the current weakness in Bitcoin's short-term momentum and limited recovery in risk appetite, the altcoin environment is likely to remain cautious, with the market more likely to be characterized by structural differentiation. In the current environment, trading tends to focus on top assets with high liquidity and better trading depth, and the importance of risk control and position management has increased accordingly. Overall, the market is gradually transitioning from a relatively passive "long-term holding + dollar-cost averaging" phase to a trading environment that emphasizes timing entry, active position sizing, and drawdown control.