Looking at this wave of market trends, the overall market has actually been quite stable. Bitcoin has been hovering at high levels, fluctuating back and forth, market sentiment is not exactly crazy, but it hasn't cooled down either. What’s truly interesting is the capital flow—money is clearly less interested in chasing mainstream coins and is instead moving toward hot topics.

You see AI concepts, Meme series, and on-chain derivatives—all these sectors have recently experienced strong gains, with some smaller coins even outperforming mainstream coins. That's how capital works: wherever there’s a new story, money rushes there.

On the macro level, it’s also playing a role. The talk of interest rate cuts in the US is growing louder, and ETF-related developments continue to influence market expectations. These factors stack up, creating a situation where the entire crypto market shows a pattern of “stable large market, hot spots jumping around.”