According to ChainCatcher, CryptoQuant CEO Ki Young Ju posted on platform X, analyzing the reasons why the altcoin season has been delayed. He pointed out that compared to the last bull market, the current rise in Bitcoin is mainly driven by institutional investors and spot ETF demand, which are different from cryptocurrency exchange users and have no intention of shifting assets from Bitcoin to altcoins.
Ki Young Ju stated that since institutional investors mainly operate outside the exchanges, asset rotation has become less likely. Although institutions may allocate mainstream altcoins through investment tools such as ETFs, small-cap altcoins still rely on retail users from exchanges. For the total market cap of altcoins to reach new highs, a significant influx of new funds into the exchanges is needed, but the current levels below historical peaks indicate a decrease in liquidity brought by new users.
He believes that the future growth of Bitcoin will mainly come from ETFs, institutions, or even governments, rather than retail investors on exchanges. Therefore, altcoin projects should focus on developing independent strategies to attract new funds instead of relying on momentum generated by Bitcoin.