The change in capital structure signals privacy coins bidding farewell to "rising and falling together."

In the past, the rise of privacy coins was mainly driven by short-term funds. Once the narrative was ignited, funds rapidly flowed in and then quickly withdrew. Currently, the proportion of medium- and long-term funds in the market is increasing, and the trading logic has changed significantly.

Medium- and long-term funds pay more attention to network security, decentralization level, developer activity, and historical resilience. This directly leads to: the strong get stronger, and the weak are marginalized. Prices are no longer synchronized but show a structural trend.

This change is not friendly to short-term traders, but for those who understand cycles, it presents opportunities. Privacy coins with solid fundamentals often accumulate during pullbacks rather than continuously bleeding out. #隐私币行情分化

Behind the market divergence, it is actually the market evaluating asset value from a higher dimension, rather than simply betting on concepts.