The altcoin season usually occurs in the final stages of a Bitcoin bull market, when it reaches its peak or is about to peak. Although 2025 is considered the next altcoin season, Bitcoin currently maintains a strong dominant position, with its market share remaining around 60%. Institutional funds are also more inclined towards Bitcoin, which has delayed the arrival of the altcoin season. 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 come.