Gate News bot message, many people were expecting an alt season last year, but it never happened. While some large-cap tokens including $BNB, $SOL, and $HYPE reached new ATHs, most tokens are currently down 40-50%. The main reason given is capital dilution, as new narratives continuously emerge in the market. The absence of an expected alt season contrasts with earlier market expectations, with most altcoins significantly dropping from their peaks.