An interesting phenomenon worth noting: as the scale of crypto investments expands, capital flows are becoming increasingly selective.

Bitcoin's dominance is steadily rising, driven by the rapid growth of stablecoins and on-chain derivatives, which are eating into market share. As a result, the survival space for altcoins is gradually being squeezed, and the entire sector is showing a clear trend of concentration at the top.

The most direct evidence is in the data—the market share of the top ten altcoins has increased from about 70% five years ago to around 82% now. What does this indicate? It suggests that retail investors and small to medium projects are becoming less active, with larger funds more inclined to bet on leading cryptocurrencies.

Since 2023, this trend has become particularly evident. In simple terms, the market is doing subtraction: on one side, Bitcoin and mainstream coins are gaining more influence, while on the other, opportunities for long-tail projects are diminishing. The implications for investment strategies are clear—selectivity is increasing, and risks are being redistributed.