Why hasn't the altseason arrived?



Last year, many people were looking forward to an altcoin season, but what happened? It still hasn't materialized. Although major coins like BNB, SOL, and HYPE did hit new highs, they turned around faster than flipping a page, and now they've retraced 40-50%. What's going on?

Let's break it down.

The first reason — capital has been diluted

New narratives keep emerging, with new concepts and projects flooding the market. Funds that originally intended to enter altcoins are now dispersed in all directions. Some have entered new sectors, some have invested in hot new coins, and some are still hesitating. As a result, the momentum towards any single coin isn't strong enough, making it impossible to generate a substantial rally. The crypto market has only so much incremental capital — whoever grabs it, makes the profit.
BNB0,21%
SOL1,04%
HYPE-1,87%
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SerRugResistantvip
· 1h ago
Dispersed capital is indeed a valid point, but I think fundamentally there is still no real narrative. It's just a bunch of sickle harvesters.
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SerumSurfervip
· 01-10 01:06
It's just a small amount of funds, everyone wants a piece of the pie.
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MemeCuratorvip
· 01-10 01:05
The concept of capital dilution has become tiresome; frankly, it just means there's no consensus.
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ContractTearjerkervip
· 01-10 01:04
Basically, it's just too many trash coins fighting over that little liquidity, and the retail investors' confidence has been shattered.
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LiquidatorFlashvip
· 01-10 01:04
I've seen through the issue of capital dispersion long ago. Once the liquidity threshold drops below 0.618, it's time to be cautious. This current situation is a precursor to a liquidation chain reaction. Let's wait and see.
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GraphGuruvip
· 01-10 00:58
Decentralization of capital is truly a big cancer; new narratives are constantly being thrown in every day, and retail investors still blindly buy in. It's a miracle if it can actually go up.
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TopBuyerBottomSellervip
· 01-10 00:45
Decentralized capital is really a curse; every time a new concept emerges, it has to be divided and blood is shed...
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