A partner's question in the space just now was not answered in time, so I skipped it. I will make a supplementary reply here @福禄财喜

Q: Is the alt season not coming because of ETF diversion (I don't know if this is what I meant by the summary of the question)

A: I don't think so. First of all, the main user groups of ETFs are some institutions and large investors, and there are very few small retail investors. These institutions are relatively long-term investors, so they will not participate too much in altcoins, and it is difficult to have an impact on the market of altcoins.
Secondly, when answering Mr. Tang's question, it was also mentioned that the biggest problem of altcoins at present is that there are too many varieties, too large market value, and too low circulation. On-site funds do not support large-scale surges.
Review of the bull market in 2017 and 2021
In 2017, the ICO wealth-making effect attracted off-site funds and caused madness.
In the bull market in 2021, the Federal Reserve released a lot of money, and off-site funds overflowed. In the second half of the year, GameFi and the concept of the metaverse went out of the circle to attract off-site funds, causing a crazy alt season.

But looking back at 2023 and 2024, there are still many concepts in the market, such as inscriptions, SOL's meme series, etc. These can only explode in the circle, but cannot go out of the circle and attract funds from outside the circle. It is difficult for the market to usher in a comprehensive copycat season without incremental growth.
But it is difficult to say whether the sector rotation belongs to the copycat season, or call it a "sector season". The space for a sector rotation to soar is actually not smaller than the space for a comprehensive general rise. It just requires thinking, discovering, and finding which sector has potential, rather than buying arbitrarily and waiting for the rise.

I hope I can answer your question🙋