CryptoQuant CEO Ki Young Ju stated on X: "This altcoin season will be different from what you expect. It will be peculiar and challenging, with only a few projects coming out on top. Market sentiment is good, but there isn't much new liquidity."
Bitcoin is distancing itself from the crypto ecosystem. Bitcoin has established its own paper-based L2 ecosystem through ETFs, MSTR, funds, etc. In this ecosystem, bridging to other altcoins is impossible.
Altcoins used to move in correlation with BTC, but that pattern has now been broken. Only a few altcoins are beginning to show independent trends as they attract new liquidity.

Altcoins now have two options: create a paper-wrapped version like Bitcoin or build a true internet currency ecosystem using stablecoins or BTC. Altcoin investors should find a cryptocurrency that can achieve one of the two and hold it for the long term.