Recently, there have been many changes in market sentiment. According to public data, as investors' risk appetite declines, small-cap coins are experiencing a significant withdrawal of funds.

The OTC report from market makers provides some interesting data. This year, the median rally cycle for altcoins has been only about 20 days—more than halving the 40 to 60 days cycle from last year. Even more astonishing, since October, the open interest in altcoin futures has decreased by 55%, equivalent to over $40 billion in positions evaporating directly.

What does this mean? The market is shifting. Retail and institutional investors are consolidating their holdings into mainstream assets like Bitcoin, and the enthusiasm for small coins has noticeably cooled down. When this adjustment will end depends on the subsequent macro environment and policy guidance.