In recent market crashes, many people have noticed an unusual phenomenon: the declines of 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 is not due to project issues, but rather the fundamental differences among market participants.

When extreme volatility occurs and large-scale sell-offs happen, the main players actually selling spot holdings are never retail investors, but institutions and whales. Their core holdings are only Bitcoin and Ethereum, with almost no high proportions of altcoins. This leads to each panic sell-off being most concentrated and persistent in Bitcoin and Ethereum.
Looking back at history, whether it was the 3AC and FTX collapses or recent sharp declines, the market shows the same pattern: mainstream altcoins tend to stop falling early and stabilize, no longer hitting new lows, while 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 battleground 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 the leverage washout, they can quickly gather low-priced chips and maintain high control, naturally possessing stronger resistance to falling and upward momentum. That’s why, during crashes, altcoins tend to be more “resilient” than the leading coins.
Based on this core logic, many people in the market are obsessed with 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 completing the long-short reshuffle, the market will then choose its next direction.
This is not an emotional judgment; it is the market truth determined by token structure, main player behavior, and liquidation patterns. $BTC ‌$ETH ‌#何时是最佳入场时机