The funds driving this round of bull market come from traditional finance (tradfi), not from the overflow of funds within the ecosystem.

So, when Bitcoin and Ethereum rise to a certain price, it does not necessarily lead to an altcoin season.

Under the current regulatory policies, new funds cannot purchase altcoins, even if Ethereum breaks new highs, the so-called Ethereum betas will not see significant gains, and any rise will not be sustainable.

Regulatory easing is still needed for additional funds to enter altcoins, allowing the market to continue.