The cryptocurrency market in 2025 presents an unprecedented scene. The price of Bitcoin has broken its historical high, soaring above $120,000. However, unlike in the past, the altcoin market has failed to join the dance. This unusual phenomenon has sparked widespread discussion among market participants, leading them to ponder: has the traditional "alt season" become a thing of the past?

In fact, the altcoin market is not completely stagnant, but rather undergoing profound changes. The operating logic of the market and the mindset of the participants have significantly changed. In 2024, Bitcoin saw two significant surges; altcoins briefly followed suit, but when Bitcoin corrected, they faced severe sell-offs, even dropping below the price levels prior to the upward trend. This pattern of volatility has left many investors feeling confused and disappointed.

Therefore, when Bitcoin breaks through an important threshold again in 2025, the market reaction is unusually calm. The cryptocurrency trading groups have become quiet, and the related search trends have not shown significant increases. Investors have become more cautious, and this cautious sentiment has also suppressed the potential growth of the altcoin market.

More importantly, the funding structure of the cryptocurrency market has undergone a fundamental change. In the past, the market was primarily dominated by speculative retail investors and hot money, who often shifted their profits from Bit to altcoin investments. Today, a large number of institutional investors, such as pension funds and hedge funds behind ETFs, have entered the market. These institutions tend to view Bit as "digital gold" and adopt a long-term holding strategy. In contrast, altcoins, due to their weaker consensus basis and insufficient liquidity, find it difficult to attract the interest of such investors.

As a result, funds are mainly concentrated in a few mainstream encryption currencies, while altcoins face a dilemma of capital scarcity. Overall market liquidity is tightening, and the performance of most sectors relies more on short-term sentiment-driven factors rather than substantial capital inflows.

Some viewpoints suggest that the traditional alt season may have evolved into a new form. From October 2024 to January 2025, there have indeed been some noteworthy changes in the market...