ChainCatcher Message, CryptoQuant CEO Ki Young Ju posted on platform X, providing an in-depth analysis of the reasons why the altcoin season has been delayed. First, he pointed out that unlike the previous bull market, the current rise in Bitcoin is mainly driven by institutional investors and spot ETF demand. These sources of funds are different from those of cryptocurrency exchange users and do not intend to transfer assets from Bitcoin to altcoins.

Secondly, since institutional investors mainly operate outside of exchanges, the possibility of asset rotation decreases. Although institutions may allocate mainstream altcoins through tools like ETFs, small-cap altcoins still rely on retail users from exchanges. Currently, the total market value of altcoins is below historical highs, indicating a reduction in liquidity brought by new users.

Finally, he believes that the future growth of Bitcoin will mainly come from ETFs, institutions, or even the government, rather than retail investors on exchanges. Therefore, altcoin projects should focus on developing independent strategies to attract new funds, rather than relying on the momentum of Bitcoin.