Multicoin创始人表示：“比特币和以太坊在本轮周期中将落后”，并分享了他对山寨币的预期

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Tushar Jain, co-founder of Multicoin Capital: Long-term downturn weakens investor confidence and funds may shift to high-quality altcoins.

Tushar Jain, co-founder of cryptocurrency investment institution Multicoin Capital, said that a long-term market decline will weaken investors 'belief in a strong bull market. According to Jain's analysis, if Bitcoin (BTC) and Ethereum (ETH) continue to underperform the market during this cycle, it may lead to funds flowing into high-quality altcoins, thus promoting a larger rise in these assets.

Be wary of cognitive bias caused by "bear market trauma"

Jain pointed out that one of the mistakes investors often make is to fall into "bear market trauma", that is, after a long and painful downward period, forget the huge power contained in price fluctuations in a bull market. He cited Ethereum's surge from $10 to $1,000 in 2017 and Solana (SOL)'s rise from $2 to $250 in 2021 as examples to illustrate the astonishing extent of the explosive power of the bull market.

BTC and ETH may lag behind in this cycle

Jain believes that in the current market cycle, the performance of Bitcoin and Ethereum may be significantly weaker than other high-quality crypto assets. Therefore, he argued that even if the total market value of the entire cryptocurrency market does not need to increase significantly as in the previous cycle, altcoins can achieve significant price increases.