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Previously, after BTC rose, the old whales would use their profits to buy ETH, then flow into large market cap altcoins, and then into meme coins, gradually seeping down layer by layer. This transmission process takes time, so the bull market appears continuous, and altcoins rise in rotation. But this transmission chain was cut off by ETFs; the money on BlackRock's books will never flow into altcoins. Altcoins without ETFs can only rely on on-exchange funds to share liquidity. To get liquidity, you have to compete through narratives. So don’t buy an altcoin just because it performed well in the last bull market and dropped cheaply. No one is interested in old stories anymore. When Solana dropped to 8 in 2022, meme coins and airdrops only became a thing in 2023; the cheapest time was actually when new narratives were hardest to find. But Bitcoin has a narrative every cycle. Next come ETH, SOL, BNB$BTC $ETH $BNB