Has the “Shanzhai season” really arrived? First, understand these leading indicators

“Shanzhai season” is one of the most tempting narratives in the crypto market. But the real “Shanzhai season” isn’t about all coins rising together; it’s about a structural rally layered with liquidity spillover. To judge whether the “Shanzhai season” has truly started, four leading indicators are worth watching: first, whether Bitcoin’s market-cap share is continuously declining—if BTC’s share begins trending downward from a high level, that indicates funds are flowing into shanzhai (alt) coins. Second, whether Ethereum has started to outperform Bitcoin—ETH is usually the “main gate” for the “Shanzhai season.” Third, whether the net inflow of stablecoins to exchanges has begun to accelerate—funds must first enter the market in order to push the rally. Fourth, whether on-chain TVL is rebounding—real users are “voting with their feet.” At present, the rebound in shanzhai (alt) coins together with BTC returning above 81,000 shows synchronized resonance; there hasn’t been any obvious signal of BTC funds spilling over. The initial signals have already appeared, but to confirm that the “Shanzhai season” has fully kicked off, we still need to watch whether the above indicators form resonance with each other.
$SUI ‌
#山寨币资金回流