Recently, a notable phenomenon has emerged in the Crypto Assets market: the volume of Ethereum has surpassed that of Bitcoin. This phenomenon reflects the complex ecology of the Crypto Assets market and the psychological changes of investors.

In the Crypto Assets market, small tokens (commonly known as 'altcoins') often exhibit brief and intense price fluctuations. The core reason for this phenomenon lies in insufficient liquidity. A lack of adequate market depth makes it difficult for these tokens to sustain high price levels. Meanwhile, many investors harbor a mindset of quick wealth and tend to seek opportunities in these small tokens.

Some investors have even set their sights on the higher-risk primary market, hoping to seize that small chance of success despite facing extremely high loss risks. However, whether it is Bitcoin, Ethereum, Solana (SOL), or other smaller tokens, their market performance is closely related to liquidity.

Large institutions and capital prefer to invest in crypto assets with a larger market capitalization, with liquidity being the main consideration. Taking SOL as an example, its initial price showed an almost vertical upward trend, reflecting strong market control in the early stage. When SOL reaches a certain height, institutional investors and market makers will maintain the price through various operations, including reducing holdings, taking over positions, and market reshuffling. Although the FTX incident caused some impact on SOL, as long as relative liquidity is maintained, a price rebound is still possible.

In contrast, most small tokens find it difficult to reach new highs after experiencing a surge, mainly due to two factors: limited liquidity and the general 'buying the dip' mentality among investors. This complex market dynamic highlights the importance of liquidity and investment psychology in Crypto Assets investment.