The market has quietly completed a sector rotation, and the concept of the "Altcoin Season" may have disappeared.

BlockBeats News, March 26th, the historical cycle has shown that the altcoin collective outperformance window against Bitcoin (usually lasting 2 to 3 months) occurred during the periods of 2015 to 2018 and 2019 to 2022. However, this curse seems to have been broken in this current bull market. A blockchain core quantitative indicator shows that when 75% of the TOP50 altcoins outperform Bitcoin within a 90-day period, it can constitute a traditional altcoin season. The altcoin season index, although briefly rising in March 2024 and January 2025, has so far failed to establish a sustained uptrend.

Renowned analyst Miles Deutscher pointed out that the rise of platforms like Pump.fun has reshaped the market landscape. Speculative funds that were supposed to be injected into mainstream altcoin projects are now massively shifting towards low-market-cap meme coins on-chain. This capital migration has fueled the myth of early participants getting rich overnight but has also trapped chasing retail investors in a liquidity crisis. Most on-chain meme coins, after experiencing a surge, have undergone a 70% to 80% correction, forming a more brutal wealth slaughter than the 2022 LUNA crash. Political factors have exacerbated market volatility, with high-profile endorsements from figures like Trump for political-themed meme coins causing market frenzy. However, tokens like TRUMP and MELANIA plummeted by 83% and 95%, respectively, after listing, once again confirming the high-risk nature of meme coins. The entrance of institutional funds through spot ETFs is also diverting funds from altcoins. The approval of a Bitcoin spot ETF has led to a $129 billion capital suction effect, with some suggesting that such highly liquid and heavily regulated financial instruments are systematically diverting speculative funds from the altcoin market.

The concept of "altcoin," born during Bitcoin's monopoly era, has struggled to encompass the current diverse crypto asset landscape. Each altcoin sector has formed different valuation logics in this cycle and is no longer a single entity. For example, RWA (Real World Asset) protocol tokens have achieved a 15x increase in this cycle, while other altcoin sectors have encountered setbacks. Altcoins no longer exhibit a group characteristic of rising and falling together. The concept of an "altcoin season" may have quietly disappeared.