The altcoin season of #山寨季何时到来 2025 has not yet arrived, despite the general market expectation that it will occur this year. Here are some key points and predictions:

1. Market Cyclicality: The cryptocurrency market is cyclical, and altcoin seasons typically occur in the last year of Bitcoin's four-year cycle. 2025 is considered the next altcoin season, but delays are not without precedent .

2. Bitcoin Dominance: Bitcoin's dominance (BTC Dominance) is an important indicator of whether the altcoin season is coming. Currently, Bitcoin's dominance remains above 50%, which makes it difficult for altcoins to initiate a large-scale rally .

3. Market Sentiment and Participation: Retail participation in 2025 is significantly weaker compared to past cycles, with social sentiment being low and the market lacking the enthusiasm seen during the 2021 Dogecoin or Shiba Inu craze .

4. Regulatory Factors: The progress of the U.S. stablecoin bill also impacts market sentiment. Although the GENIUS Act aims to provide a legal framework for payment stablecoins within the United States, its progress in the Senate has not been smooth, which may affect the restart of the altcoin season .

5. Analyst Predictions: Well-known trader 0xKyle believes that the altcoin season may arrive in the first quarter of 2025, but no clear signals have been observed yet .

6. Market Opportunities: Despite the delay of the altcoin season, expected returns may be magnified, providing traders with strategic opportunities to rebalance their portfolios .

In summary, although 2025 is widely anticipated to be the altcoin season, current market conditions and indicators suggest that the altcoin season has not yet arrived. Investors need to closely monitor factors such as Bitcoin dominance, market sentiment, and regulatory developments to better seize market opportunities.