Over the past few days, meme coins have been putting on a show, with $IRYS surging tens of times in a single day. Meanwhile, coins like $BIRB, $BMT, and $ORDER have also seen multi-fold gains. Actually, the overall market has performed modestly over the last two days—these meme coin rallies have repeatedly ignored Bitcoin’s price action entirely. For altcoins, those with leverage futures contracts will continue to experience intermittent rallies, but most market participants no longer possess the ability to identify or capitalize on these opportunities. As a result, whether Bitcoin has hit its bottom or top no longer makes much difference—this is now a game of存量 funds competing against each other. Correlation among assets has weakened; unlike before, we’re no longer seeing entire sectors surge in unison. Bitcoin itself remains largely in a wide-ranging consolidation phase.