As old players in the cryptocurrency circle know, in the past, when Bitcoin rose, altcoins would follow suit. $BTC soared, messages flooded the group chat, and everyone’s social media was filled with 'double returns screenshots.' Shitcoins took off like rockets, with tenfold and hundredfold gains becoming the norm; that was the real altcoin season.

But in 2025, this bull market is quite different. Bitcoin skyrocketed to $120,000, setting a historical high, yet most altcoins remained stagnant, showing no signs of movement. Why is that? Has the altcoin season really come to an end?

The truth is that the market logic has completely changed. Last March and December, when Bitcoin surged, altcoins also experienced small spikes, but as soon as Bitcoin corrected, altcoins immediately crashed, falling even lower than before the rise. Speculators used Bitcoin to attract traffic and then sold off to cash in, leaving retail investors with nothing but heartbreak. After experiencing a few thrilling 'rollercoasters,' everyone is now more cautious about buying in, and market sentiment has turned wary.

More importantly, the nature of funds has changed. In the past, when speculative funds and retail investors made money from Bitcoin, they would transfer profits to altcoins, creating a 'capital overflow' that stimulated the altcoin season. Now institutional investors dominate; they treat Bitcoin as digital gold for long-term holding and disdain illiquid and consensus-lacking altcoins. Most funds are concentrated in mainstream coins like BTC and ETH, leaving altcoins with no opportunity. Liquidity is tight, and temporary hotspots rely on sentiment to sustain them, but cannot support large-scale increases.

Of course, there are exceptions. The primary market has quietly become lively, with a few quality early-stage projects and trending concept coins still able to double small investments. Meme coins can occasionally stir up excitement through community and sentiment; coins that have passed ETF reviews also find it easier to gain institutional recognition. As for most other altcoins, they have long overstretched investors' trust, offering only promises and visions while delivering very little in reality.

In summary: The way of playing the altcoin season has changed, shifting from a public frenzy to institutional dominance. If you are still clinging to old thinking, waiting for altcoins to skyrocket, you are likely to miss opportunities. Times are changing, and so is the cryptocurrency circle. Adapting to the new market rhythm or gracefully exiting is the wise choice.

Blindly going solo will never lead to tenfold potential coins; following the right direction can help you avoid pitfalls and seize opportunities!