1. Definition of altcoins and alt season: altcoins refer to all cryptocurrencies except Bitcoin, while alt season is a period when altcoin prices outperform Bitcoin;
2. BTC is still the dominant factor: the main driving factor of this round of market is the launch of spot BTCETF in US stocks, and the market focus is still on BTC and ETH;
3. Decline in on-chain fees: ETH mainnet gas fee has fallen to 3-6 Gwei, trading activity has declined, and mainnet congestion has eased;
4. Exchange trading volume declines: CEX spot monthly trading volume fell by 35%, and the market money-making effect is not as obvious as before;
5. Newly launched projects are of poor quality and token unlocking increases selling pressure: new coins have poor returns on listing, and token unlocking causes greater selling pressure on the market;
6. Memecoin on the Solana chain occupies market share, and attention should be paid to the listing of currencies and hot topics on Korean exchanges;
7. Recommended indicators: attention should be paid to the trend reversal of the ETH/BTC exchange rate, changes in the alt index, and the Federal Reserve interest rate data.