Will there be another altseason in the next bull market?

I'll be direct: No, there won't be. Never again.
The classic story of "BTC rises → capital overflows → altcoins surge across the board" has been completely shattered.
The reasons are just three:
1. Institutional/ETF capital only recognizes BTC (or only compliant blue-chip assets), and doesn't overflow to small coins at all;
2. Liquidity is highly concentrated, narratives are fragmented, rotations happen extremely fast—yesterday's hot topic is dead today;
3. Crypto has become like A-shares: the broader market (BTC) provides slow bull protection, while a bunch of altcoins slowly bleed out and survive on niche narratives.
Going forward, there won't be an "entire village partying together" altseason anymore—only structural hot spots, narrative moonshots, and retail investor harvesting machines.
It's finally come true:
Crypto has become like A-shares.
BTC is Maotai, 99% of alts are garbage stocks.
Do you still believe altseason will make a comeback?