TechFlow reports, on January 14, ZhuSu, founder of Three Arrows Capital, posted that "There is a key difference in the current market cycle compared to 2020–2021: capital flowing into Bitcoin through ETFs and investment vehicles like MicroStrategy will not rotate into Ethereum, let alone other tokens. Unlike previous market environments where assets such as Bitcoin, Ethereum, and Solana frequently rotated, other tokens now require substantive catalysts to gain momentum.
Without major events such as Michael Saylor shifting focus to other tokens, simply claiming superiority over Bitcoin is no longer enough to attract Bitcoin holders to reallocate their investments. Existing holders must have conviction in the project, and the underlying protocols must truly deliver on their intended functions."
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