When seeing the recent capital outflow data, many people probably feel a bit anxious. But upon closer reflection, this situation feels all too familiar — every time a major altcoin rally approaches, the market goes through a quiet period like this.

Looking back at history, it becomes clear. Before the 2017 bull run, nobody paid attention to altcoins; the market was dead silent. And what happened? Once the rally started, the biggest gains were often in those overlooked coins. The same pattern was seen before the 2021 DeFi boom — the total market cap of altcoins kept declining, many people were bearish at the time, but the subsequent gains were jaw-dropping.

Why does this pattern keep repeating? The logic is simple. When large funds enter the market, they dislike noisy, crowded scenes. Once the market cools down, impatient retail investors leave automatically, and most of the trash projects are weeded out. With the market lighter, it becomes much easier to push prices up. The current capital outflow is essentially a thorough "spring cleaning."

Some say that capital leaving is a sign of a bear market, but by looking at where the money flows, the truth becomes clear. Traditional assets like Bitcoin, gold, and US stocks have attracted significant funds, which indicates that big money hasn't truly left — they are just temporarily shifting to safer places to hide. Once market sentiment improves, these waiting funds will flow back into the altcoin market at a surprisingly fast rate. What they want is a "clean room" without trapped positions, and right now, that room is being tidied up.

A new narrative cycle is brewing, the stories of old coins are coming to an end, and new hot topics are about to emerge. This is not the end of the world, but a necessary dormancy before rebirth.