Is there an altseason in the next bull market?

I'll be direct: No, there won't be. Never again.

The classic story of "BTC rises → capital overflows → altcoins surge together" has been completely broken.

The reasons are just three:

1. Institutional/ETF capital only recognizes BTC (or even just compliant blue-chip assets), and doesn't overflow to small coins at all;

2. Liquidity is highly concentrated, narratives are fragmented, and rotations happen extremely fast—yesterday's hot topic is dead today;

3. Crypto markets are becoming like China's A-shares: the index (BTC) provides a slow bull market foundation, while a bunch of altcoins experience chronic bleeding and survive on niche themes.

Going forward, there won't be "the whole village partying together" altseason anymore. What's left is only structural hot spots, narrative rockets, and retail investor harvesting machines.

It's finally become reality:

Crypto markets are A-shareifying itself.

BTC is the Maotai, 99% of alts are garbage stocks.

Do you still believe altseason will come back?