The performance of altcoins is not good, primarily due to insufficient liquidity. The reason for this lack of liquidity is not that there is no money in the market, but rather that we are currently in a phase of monetary tightening, causing many people to be hesitant to invest their money. This has led to a rush for 'good targets', where the better the target, the more people buy, while general targets receive little attention.

The essence is not that these targets are bad, but rather because there is no more attractive option like 'sector rotation', which is related to investors' risk preferences. The lower the risk preference, the less likely there will be an altcoin season; the higher the risk preference, the better the performance of altcoin seasons and small-cap stocks.