#AltcoinSeasonLoading The global macroeconomic environment has significantly influenced the performance of altcoins. The policy of quantitative tightening (QT) and the high-interest rate environment of 2024-2025 have greatly reduced market liquidity. In contrast, the bull market of 2020-2021 occurred against a backdrop of loose monetary policy, when capital inflow supported explosive growth in the DeFi sector and meme tokens. In the current high-interest rate environment, speculative assets such as altcoins struggle to attract capital. At the same time, the market share of stablecoins continues to grow, reflecting an overall decrease in risk appetite. Data shows that stablecoins now account for 18% of the total market capitalization of cryptocurrencies, which is a record high. This indicates that investors are more inclined to choose stable and long-term value assets rather than high-risk altcoins.