Cobie: It is uncertain whether Bitcoin's returns are diminishing, but the difficulty and risks of trading alts will continue to increase.

On November 3, crypto KOL Cobie tweeted that it is uncertain whether Bitcoin will continue to provide diminishing returns, but trading in alts (on average) will become increasingly difficult and dangerous, representing an irreversible trend. The reasons include: fierce and increasingly mature competition among buyers, while belief is waning; primarily through Perptual Futures and Margin Trading; market capitalization is inherently overvalued and severely diluted; the FDV at launch captures all optimistic sentiment, ignoring price and valuation; excessive price discovery in the pre-market leads to insecurity. In 2017, buyers purchased Spot and held for weeks/months, due to strong belief and increasing the position during the rise, benefiting from early low valuations. In 2025, buyers purchase through Perptual Futures without assessing valuation, selling when profits turn negative or at liquidation. However, alts remain the best return area for smart individuals, where skill expression and asset selection are more important, and patience yields better returns in the liquid market compared to getting on board earlier.