When looking at the Grayscale asset allocation table, I was struck by a phenomenon—those once-glamorous old-school cryptocurrencies now exhibit remarkably similar trend patterns. I'm not talking about meme coins, but projects like XRP, BCH, ZEC, LTC, ETC, and XLM—those that have indeed left a mark in the history of the crypto world. A few years ago, any one of them could spark retail investors' enthusiasm, but now? In-depth research reveals three common features.

The most direct shock is this data: none of these assets' 2021 bull market peak could surpass the all-time high set in 2017. Think about it—2021's wave pushed many small coins to new heights, even Bitcoin was hitting record highs, yet these "veterans" hit a brake at their peak. This is not due to luck but because ecosystem development couldn't keep pace with market iteration—new stories can't be told, so funds naturally can't stay, and even the bull market dividends are out of reach. The market's "survival of the fittest" rule is clearly reflected here.

A more painful feature is the long-term oscillation cycle. Looking at the data, the main consolidation periods for these projects have already exceeded 2,500 days—that's nearly 7 years. This means many new retail investors' "coin age" is shorter than their current oscillation cycle. While short-term shakeouts are common, such an extended sideways period essentially reflects the market's true assessment of their growth potential.

Looking back, this is not an accident at a certain point in time but a microcosm of the entire market evolution.