As of now, the overall altcoin market remains in a state of confusion without a main narrative logic as a development background.

It is clear that we cannot return to the monetary easing policies of the last bull market; the nearly unlimited QE macro backdrop was the biggest driving force behind the last bull run.

Given various factors, it seems difficult to foresee the possibility of what people call the 'altcoin season' again. Previously, I often stated that under this backdrop, the altcoin market's trends could only be based on the overall market's movements—following and phase-based trends.

However, I now believe that the potential for such a trend is also greatly diminished alongside the market's 'liquidity black hole' factor.

The so-called 'liquidity black hole' can be simply understood as the altcoin market entering 2025, where the trend of PVP (Player versus Player) competition significantly increases, leading to further extreme PVP dynamics. As this trend develops, the altcoin market gradually begins to enter a state of continuous liquidity depletion.

Simultaneously, as this phenomenon amplifies, liquidity will be increasingly concentrated on mainstream varieties, especially Bitcoin, continuously reducing the liquidity demand for the altcoin market.

This could lead to the possibility that in the future, more and more varieties in the altcoin market may fall into a liquidity crisis, greatly reducing the likelihood of catching up with the overall market trend, let alone phase-based independent trends.