Recently, the cryptocurrency market has shown significant differentiation, with Ethereum leading the way, while other altcoins are increasingly marginalized. On-chain data reveals that Ethereum attracted $2.3 billion in inflows in a single week, with a cumulative inflow of $10.5 billion year-to-date, and its assets under management (AUM) have risen to $38.7 billion, significantly ahead of other digital assets.

Institutional investors are massively allocating Ethereum through ETF channels. Support from the policy level, such as allowing pension funds to invest in encryption, has opened new avenues for traditional capital to enter the encryption market. The daily inflow of the Ethereum spot ETF has set a new record of $1.01 billion, and Standard Chartered has raised its end-of-year target price to $7,500. In contrast, most alternative coin projects, except for XRP and Solana, are still in a state of funding scarcity, with some projects like Cardano and Polkadot even experiencing net outflows of funds.

Market sentiment and risk appetite show a severe divergence. Although the greed index has soared to 75 and retail investors are eager to chase after Ethereum, alternative coins are struggling due to insufficient liquidity. In the past 24 hours, the total liquidation amount across all cryptocurrencies reached $102 million, of which 37% were long position liquidations, highlighting the risks for investors chasing after alternative coins at high levels.

The 'siphon effect' of Ethereum may trigger a market rebound. Although the technical indicators show that it is only 9% away from the historical high, the overbought RSI and the surge in derivatives liquidation have already planted potential risks.

The current market faces two major contradictions: the mismatch between short-term speculative demand and long-term value storage, and the conflict between centralized institutional allocation and diversified ecosystems. If alternative coins continue to bleed, it may exacerbate the overall market volatility.

Market participants should closely monitor the performance of tokens such as UNI, MYX, LINK, and PEPE to seize potential investment opportunities. However, investors should also act with caution and fully recognize the current market's complexity and potential risks.