Is Bitcoin's funding stable, and the rotation of counterfeit coins coming to an end? In the past, the cryptocurrency market followed the script of "Bitcoin leading the rise and altcoins rotating": in 2017 and 2021, after Bitcoin attracted funds, altcoins followed suit and the market prospered. But in 2025, this model seems to fail. ETF lock up and liquidity depletion The institutional funds of Bitcoin ETFs are mainly held and not speculative, resulting in a decrease in liquidity. In 2021, the market value of altcoins accounted for 38.7%, which will decrease to 14.2% in 2025. MicroStrategy holds over 300000 bitcoins, and institutions indirectly profit from its stocks without the need to risk investing in altcoins. The proliferation and dilution of counterfeit currencies The number of altcoins has increased from a few thousand in 2021 to 12 million in 2025, with MEME coins and junk tokens flooding the market. On the SOL chain, 870000 MEME tokens will be issued in 2024, with only 3.7% surviving for over 30 days. Retail investors have suffered heavy losses and it is difficult for funds to flow back. New Rules for PVP Mode The market enters the 'player to player' stage, where early entrants benefit and later entrants become 'exit liquidity'. The "buy hold wait rotation" has expired, and Binance CZ claims that 99% of traders who hold Bitcoin have higher returns. A few high-quality projects may face a "selective market". Bitcoin dominates and strengthens ETFs and institutional fund inflows make Bitcoin more like "digital gold", reducing volatility and increasing dominance. In the market transformation of 2025, most altcoins will be eliminated, and high-quality projects need real use cases and community support to survive. Investors need to adapt to the new rules and avoid becoming "illiquid".