Altcoin Season 2.0: From 'General Surge' to 'Narrative Rotation'
If an altcoin season occurs in the future, its form may differ from traditional models:
Change in funding pathways: By 2025, funding will no longer rely on BTC overflow, but will directly flow into specific sectors (such as AI, RWA, PolitiFi) through stablecoins (like USDT), creating localized hotspots rather than a widespread explosion.
Institution-led narratives: Reports from institutions like Grayscale and a16z have become new sources of narratives, with political tokens (such as those related to Trump) and compliant projects (like RWA) being more favored.
Decline in retail participation: Data from the derivatives market shows that the open interest in altcoin futures is continuously declining, with clear signs of major capital withdrawal.
