In recent market crashes, many people have noticed an unusual phenomenon: the declines in Bitcoin and Ethereum are actually more severe than many mainstream altcoins. Everyone thought that Bitcoin and Ethereum were safe-haven assets, but they ended up falling the hardest. This isn't due to project issues, but rather the fundamental differences among market participants.

When extreme volatility occurs and large-scale sell-offs happen, the main sellers are never retail investors but institutions and whales. Their core holdings are only Bitcoin and Ethereum, with almost no high proportions of altcoins. This results in each panic-driven decline having the most concentrated and persistent selling pressure on Bitcoin and Ethereum.

Looking back at history, whether it was the collapse of 3AC, FTX, or recent sharp drops, the market shows a consistent pattern: mainstream altcoins tend to stop falling early and stabilize, no longer hitting new lows. Meanwhile, Bitcoin and Ethereum continue to decline gradually, bottoming out, and testing support levels.

All visible liquidation and margin call data in the market are almost entirely concentrated on Bitcoin and Ethereum. The reason is simple: these two assets are the main battlegrounds for institutions, large investors, and high-leverage funds.

In contrast, altcoins have a much simpler token structure, mostly controlled by project teams and market makers. After leverage is wiped out, they can quickly gather low-priced chips and maintain high control, naturally possessing stronger resistance to falling and more momentum to push prices up. That’s why, during crashes, altcoins tend to be more “resilient” than the leading coins.

Based on this core logic, many in the market are obsessively shorting, betting that Bitcoin will break through 54,000 or even 50,000. I believe this expectation has a very low probability of success.

A more reasonable and behaviorally consistent scenario is: before the market decisively breaks in a certain direction, it will first experience a violent rebound, pushing prices to the 72,000–74,000 range, destroying and clearing all leveraged short positions. After this shakeout of longs and shorts, the market will then choose its next direction.

This is not an emotional judgment but a market truth determined by token structure, main player behavior, and liquidation patterns. $BTC ‌$ETH ‌#何时是最佳入场时机