The changing dynamics in the crypto world have cut off retail investors' 'fast track to wealth,' making it hard for altcoin bull markets to reappear. Unless the rules are reshaped, altcoins will remain in a prolonged slump. Why is there no bull market for altcoins? The decline of altcoin bull markets is mainly due to the shift in gameplay from 'high-risk, high-reward wild growth' to 'regulated institutionalization.' This has raised the entry barriers for retail investors, weakened the wealth effect, reduced enthusiasm, and drained market liquidity. The old gameplay: Intense short-term wealth effects ignited retail investor enthusiasm. Dark horse projects emerged frequently, ICOs/IEOs were booming, and large-scale airdrop opportunities were everywhere. These brought explosive short-term riches, easily attracting retail investors to flood the market and fueling bull market frenzy. The current gameplay: Regulated designs disadvantage retail investors and drain liquidity. IEOs have degraded into exchanges' stable annual returns, lacking surprises. High-quality projects prioritize institutions and communities for 'watering,' leaving little for retail investors. Even airdrops are now meticulously calculated, with controlled and meager returns. Overall, the rules favor project teams, marginalizing retail investors and draining market vitality.