At present, the long and short divergence is serious, I opened a hedging trade, long ETH, short a package of copycats, the position is about 1:1, and I will exchange ideas with you. My logic is that ETH is the engine of this round of rise that began at the end of June, and the main driving force is that institutions follow the micro-strategy and purchase ETH through currency stock financing, and the other is the stablecoin narrative, which is the relevant core infrastructure and settlement layer. Referring to the previous process of buying BTC with micro-strategies and driving prices all the way up, in the end, most altcoins are far from outperforming BTC. This part of the funds used by currency stocks and institutions to buy ETH is also unlikely to spill over to other altcoins. According to CMC, only 20 of the top 200 tokens have risen more than ETH in the past 30 days, including Bonk, Zora, CFX, and ENA, which are obviously driven by positive events. In terms of copycat selection, follow the logic of previous shorting, give priority to those with high market capitalization, non-leader, weak move, and low presence, and disperse short selling, set stop losses, and prevent single targets from exploding. If the market continues to be bullish in the second half of the year, I believe there is a high probability that it will still be driven by ETH, and if it goes bearish, I don't think the copycats can be alone, and ETH at least has the purchasing power of institutions. It will lead to the failure of this hedging idea, either the altcoin season is really coming, most of the altcoins continue to outperform ETH, or ETH fluctuates or leads the decline, while other altcoins do not fall much, according to the experience of the past few months, I think the possibility is small.