According to ChainCatcher, Quinn Thompson, founder of crypto hedge fund Lekker Capital, advises against investing in altcoins at this time. He pointed out several indicators of market instability, including high leverage and open interest, lack of panic buying, and stagnant stablecoin supply.

He believes that the market is experiencing increasing selling pressure, especially from venture capital funds that need to raise funds, which leads to more selling than buying. This situation, coupled with low trading volume in the summer, makes it difficult for altcoins to gain traction.