According to CoinMeta, the underlying liquidity for Bitcoin and Ether has been re-established, but many altcoins still face risk challenges. A year has passed since they reached a record high of over $126,000 in 2025, and Bitcoin has currently seen a 32% pullback, with its trading price remaining above $85,000. Currently, funds are highly concentrated in Bitcoin and Ether, while the orders placed for the remaining altcoins in both the spot and derivatives markets remain weak. If these currencies, which suffer from a lack of liquidity, encounter macroeconomic shocks or local leveraged liquidations, they are prone to severe one-sided price fluctuations.