Many newcomers to the scene do not understand why the old investors are so obsessed with altcoin season.

The last bull market was simply a paradise for diamond hands; if you had the guts, you could make money easily.

The previous slogan for buying altcoins was that money comes like the wind, hold onto xx, and live in a palace.

In the last bull market, Dogecoin could rise eight times in a week, Sand could reach twenty times in three months, and the wealth creation effect of Binance IEO was also very obvious. As long as you held onto quality altcoins, it was a starting point of ten times. Sol went from 2u to 250, and Luna even reached a thousand times.

In contrast, this time, all the retail investors who bought BTC at the bottom have turned into inscriptions.

All the Sol bought at the bottom have turned into meme coins, and all the ETH bought at the bottom have turned into TX.

The altcoins are all half-alive; the market has very few new users, and it is all about the competition for existing funds. It is now a real existing market; without new entrants, there is no heat, and without heat, there is no capital entering. Without capital entering, there is no feedback, and again, there are no new entrants.

Most altcoins have already proven to be worthless. Last year's AI was all useless junk.

The new narrative of AI has not fulfilled the hype expectations and has not attracted external funds.

This bull market is more like an 'ETF-driven Bitcoin bull market.' Traditional altcoins lack a new narrative, liquidity, and speculative enthusiasm, making it naturally difficult to see an altcoin season.