The Bitter Winter for Altcoins Continues: Season Index 23 Pierces the Last Fantasy

Bitcoin Soars Past $104,000, While the Graveyard of Altcoins Gains New Ghosts

When Bitcoin Steadily Reached $104,000 on June 19, the Altcoin Season Index Fell to a Low of 24, Coldly Declaring That This Market Is Still Deep in Winter.

This Index Means: In the Past 90 Days, Only 24% of Top Altcoins Outperformed Bitcoin, While the Remaining 76% All Failed. The Threshold of 75, Marking the Start of Altcoin Season, Is Far Out of Reach, Even the Neutral Threshold of 50 Has Become an Unattainable Ceiling.

A 'Liquidity Strangulation' Scene with Rivers of Blood

Just Days Ago, the ZKJ and KOGE Tokens on the BSC Chain Put on a Textbook-Level Harvesting Tragedy. ZKJ's Price Plummeted Vertically from $1.946 to $0.3767 Without Warning, a Drop of Over 80%; KOGE Crashed Simultaneously, Falling from $61 to $8.46 Within Half an Hour.

On-chain Data Reveals the Precise Design of This Slaughter: Three Core Addresses Collaborate, First Withdrawing Liquidity to Create Panic, Then Concentrated Sell-offs Triggering a Chain Reaction of Liquidations. The Result? $102 Million Vanished, 90% of Holders and Liquidity Providers Become the Fish on the Chopping Block.

The Same Bloody Narrative Replays on OKX Exchange. On June 17, OKX Announced the Delisting of 8 Altcoins Including ALCX and NULS, After Which NULS Plummeted 41.8%, Accumulating a Shocking Drop of 92.4% Over the Past Year. Such 'Delisting Equals Zero' Dramas Have Become the Best Footnotes for the Fragility of the Altcoin Ecosystem.

On the Surface, the Total Market Value of Altcoins Exceeds $1.1 Trillion, But Core Indicators Reveal the Harsh Reality Behind the False Prosperity:

  • The Inflow of Altcoins on Exchanges Continues to Be Weak, with Daily Transactions Falling Below 30,000, Less than One-Third of the Peak Period in March 2024. Investors Have Lost Interest in Selling, and the Market is in a State of 'Liquidity Exhaustion Death'.

  • Excluding BTC and ETH, the Net Selling Pressure of Altcoins Reaches $36 Billion, with the Buy-Sell Spread Indicator Plummeting, Exposing the Truth of Large-Scale Withdrawal by Investors.

  • Capital Flow Monitoring Shows Bitcoin Absorbing Most Market Funds, Leaving Altcoins in a 'Liquidity Desert'. Institutional Funds Enter the Market Through Bitcoin ETFs, While Applications for Altcoin ETFs Exceed 30, Most Remain at the Stage of Paper Hype.

Illusion Shattered: The Pale Argument of the So-Called 'Eve of Altcoin Season'

Some Analysts Attempt to Soothe Investors with Historical Mysticism: 'Look! Both 2017 and 2021 Started Altcoin Seasons in June!' They Point to the Technical Chart of the ETH/BTC Exchange Rate Forming a Bottom, Claiming This Replicates the Bull Market Starting Point in Early 2020.

Reality, However, Delivered a Loud Slap. When Bitcoin Rose by 26% This Month (Reaching $104,000 on June 19), the 'June Rebound' of Altcoins Turned to Ashes. The So-Called 'Reversal Trend' of the ETH/BTC Ratio Crumbled Under Bitcoin's Absolute Strength.

Ironically, the Altcoin Season Index Briefly Touched 30 on June 11 Before Quickly Dropping Back to 24; The So-Called 'Turning Point' Was Just a Trap in the Downward Continuation.

Survival Laws: Struggling Under the Shadow of Bitcoin

The Operational Logic of the Current Altcoin Market Has Degenerated into a Pure Casino Mechanism:

  • Sector Rotation Becomes a Game of Musical Chairs: Narratives like AI, RWA, and Chain Games are Repeatedly Hype, but the Time Funds Stay is Measured in Hours; Retail Investors Must 'Get In and Out Quickly' to Avoid Being the Last One Left Holding the Bag.

  • VC Harvesters Are Operating at Full Speed: High FDV (Fully Diluted Valuation), Low Circulating Projects Become Perfect Tools for Institutional Targeted Strikes. Token Unlocking Is Like the Sword of Damocles, Capable of Triggering a Tsunami of Sell-offs at Any Time.

  • Exchanges Become Joint Harvesters: Platforms like B and others Profit from Listing Fees and Market Maker Rebates, Forming Alliances with Projects, While Retail Investors Become the Only Losers.

The Ultimate Revelation of the Bitcoin Hegemony Era

As the Altcoin Season Index Struggles Repeatedly in the 23-26 Range, the Market Sends a Clear Signal: The Crypto World Has Completely Entered the Bitcoin Unipolar Era. All Attempts by Altcoins to Overturn This Order Will Eventually Reveal Their True Nature Under the Dual Strangulation of Liquidity and Capital.

The So-Called Altcoin Season Is Just a Painkiller That Temporarily Allows Gamblers to Forget Their Pain. On This Day When the Index Falls to 23, It's Time to Wake Up—In the History of Cryptocurrencies Written by Bitcoin, Altcoins Are Destined to Be Footnotes.

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