Whether there will be an altcoin season depends on how ETH performs. If BTC breaks its previous high and reaches over $100,000, while ETH cannot even break its previous high, then an altcoin season is understandable.

The altcoin market still looks at how the BTC and ETH exchange rate moves. If BTC continues to rise and ETH can outpace BTC, then altcoins may experience a general rise. However, I remain skeptical about the current liquidity;

If ETH continues to be weak, then there will definitely be no altcoin season, and it will only be a few strong coins performing occasionally;

If BTC remains stagnant, expecting BTC's liquidity to withdraw and flow into altcoins is wishful thinking.

Don't go looking for the sword on the boat!

The policy environment, fundamentals, and liquidity are all completely different. Institutions only buy BTC, while ETH's ETF is merely pocket money in comparison. The number of valuable coins (VC) is increasing, with huge market capitalizations and significant unlocks, and the limited liquidity is completely insufficient to support a rise in altcoins.