The altcoin season usually occurs in the final stages of a Bitcoin bull market, when it peaks or is about to peak. Although 2025 is considered the next altcoin season, Bitcoin currently maintains a strong dominant position, with its market share around 60%. Institutional funds are also more inclined towards Bitcoin, causing the altcoin season to be delayed. Additionally, regulatory uncertainties have suppressed the explosion of altcoins. However, from a historical cycle perspective, once Bitcoin enters a stable period and funds rotate, the altcoin season will arrive.