In June, I mentioned that there were two scenarios predicted for the altcoin season.

Now it seems we have experienced the first scenario, which has been ongoing from July 2025 to October 2025.

The main logic behind my initial judgment was that when more and more people start saying that the bull market will not come back and the altcoin season is over—this is often when the bull market and the altcoin season truly begin.

The market has always been counterintuitive; most people cannot see it, or by the time they do, it’s too late. Ultimately, only a small number of people can truly make money.

The rules have actually never changed; it's just that many have already forgotten why they entered the market as time has passed.

If you say the altcoin season will never return, it is essentially saying that this game in the crypto world has come to a complete end. But is that really the case? What about the grand strategies that the United States has been implementing over the past few years—promoting regulation, introducing ETFs, attracting global liquidity—what is the purpose of that?

Don’t forget, even U.S. stocks are now going on-chain.

This world is filled with bubbles, but the bubble in the crypto world is actually the smallest of all. Perhaps because of this, it may become a new direction.