What exactly has caused bitcoin to repeatedly hit new highs in this bull market, while altcoins keep hitting new lows?

This is widely recognized as the most challenging bull market in the industry's history. Although bitcoin has doubled from its 2023 lows, the market's soul feels hollow.

Written by: Blockchain Knight

Although this cycle's crypto market is defined as a bull market, the actual experience is quite the opposite. While bitcoin has reached several all-time highs, the upward trend has been dull and lackluster, while corrections have been exceptionally brutal. Most altcoins have plummeted by over 90%, and retail investors have exited in droves.

Even core supporters are questioning the authenticity of this "bull market." This is widely recognized as the most difficult bull market in the industry's history. Although bitcoin has doubled from its 2023 lows, the market's soul feels hollow.

This situation stems from three core reasons.

First, institutions have completely reshaped the market landscape. Wall Street giants like BlackRock and Fidelity did not come to speculate; instead, they have taken control of the crypto infrastructure, custody networks, and tokenized real-world assets, buying up all the liquidity channels and compliance pathways that every participant must rent.

This "fundamental adoption" has solidified the industry's foundation but has also drained the market's vitality, clashing with the retail-driven speculative culture.

Second, MEME coins have led to the collapse of industry significance. Once a form of satire, MEME has become the mainstream narrative from 2023 to 2025. Various "community coins" and "animal coins" have repeatedly pumped and dumped through viral marketing, turning the market into a dead-end gambling arena.

Even industry veterans have fallen into the trap of chasing hype, and the collision between retail greed and Web3's satirical culture has ultimately resulted in mutual defeat.

Third, the macro environment has suppressed risk appetite. Trump's tariff policies have triggered stock market corrections and drained liquidity. Coupled with persistently high interest rates, the cost of capital has soared, leading to a funding drought and causing risk assets like cryptocurrencies to stagnate. What should have been a "wealth era" for retail investors has ultimately become a long test of patience.

In the end, bitcoin has become the sole survivor. With institutional capital inflows and regulatory recognition, it has remained resilient amid market collapse, proving the staying power of cryptocurrencies.

This mature version of the bull market is less about euphoria and surges, and more about the stability that the financial system should have, yet it leaves profit-seekers feeling exhausted.

In this "hollow bull market," the market's creativity, retail vitality, and optimism have all become collateral damage in the name of progress.

Ultimately, this is the industry's self-punishment for choosing hype over utility, and it reminds us: not every cycle is about getting rich—some are simply to remind us of the original intention of entering the game.