There is currently a divergence in the market regarding whether the altcoin season will arrive in 2025. Some viewpoints suggest that, due to Bitcoin's dominance (BTC.D) remaining high (around 55%-60%) and the lack of liquidity in altcoins, a full altcoin season may not reoccur, with only localized opportunities. However, on-chain data shows that if BTC.D falls below 50%, and the ETH/BTC exchange rate recovers, coupled with the inflow of stablecoins (USDT.D) into altcoins, it could trigger a phase of market activity. Key indicators include capital outflow effects, altcoin market capitalization momentum, and narrative themes (such as AI, RWA, Meme coins). Currently, it is essential to observe changes in macro liquidity and market sentiment.