Currently, it is difficult for the market to transmit to altcoins, indicating that the influx of new funds into the non-ETF market is insufficient. The main influx of new funds is mostly in ETF spot, and there are only two spot ETFs in total: BTC and ETH. The BTC ETF spot was launched earlier, and Grayscale and others have sold what they needed to sell. Moreover, it has a larger reputation, attracting more market inflow. Especially in the past four days, there has been a continuous inflow of hundreds of millions to over a billion dollars each day, amounting to nearly 2.6 billion dollars over four days.

ETH, on the other hand, launched its spot ETF relatively late, and Grayscale has been continuously selling since its launch. Additionally, the rise of SOL has had a significant impact on it, leading to a mediocre performance in the early stages. If altcoins want to perform well, market sentiment needs to continuously amplify, and the influx of new funds into the crypto space must eventually spill over into altcoins, which could lead to a situation of successive rises in altcoins. If there is no influx into the non-ETF market, at most, we will only see a bull market for Bitcoin, along with a bull market for Ethereum and a few select altcoins.