As we entered 2025, most of the market was filled with expectations of a 'new bull cycle.' The recovery in Bitcoin at the end of 2024, ETF approvals, and institutional entries had excited investors. However, the first six months of 2025 turned into a complete fiasco and a race to lose money.

What happened in the altcoin market from January to June was neither technically nor fundamentally consistent. The charts kept saying 'it will explode soon,' but the only thing that exploded was the morale and wallets of investors. The result: value losses between 60-90%, rug pulls, silent projects, continuous declines, and zeroed portfolios.

AI coins crashed hard due to market conditions while they were hyped in the first quarter.

Layer 2s? New technologies were described, but the number of users did not increase.

Restaking? It became a trend, then was forgotten.

Memecoin season? A few people got rich, while thousands turned into garbage bags.

In short, the first half of 2025 was a lost period for the altcoin market. No price increase occurred, nor was there a renewal of trust. There was only exploitation of hope. During these 5 months, neither an alt season took place nor a story emerged that would make investors say 'I'm glad I was patient.'

But now we are in June. And for the first time, the market seems to be starting to breathe again.

Bitcoin's decline has stopped. Dominance is stabilizing. Quality projects are quietly recovering. For the first time in a long while, there are 'things worth waiting for.'

This is still not a bull. But it is finally not a bear either.

If the first five months of 2025 were trash, June could be 'the first sun of hope after the cleanup.'

This time, it will not be hype, but solidity that will prevail.

And perhaps 2025 is really just beginning now.