According to Andrei Grachev, Managing Partner of crypto market maker DWF Labs, the "Altseason" driven by overall crypto market rallies is becoming a thing of the past. Factors such as the explosive growth in the number of tokens, limited participant scale, and liquidity absorption by crypto ETFs are reshaping the market structure. Currently, institutional funds are more inclined to allocate to Bitcoin, Ethereum, and tokenized real-world assets (RWA), further diverting attention and capital away from altcoins. In the future, the market will experience shorter narrative cycles and more intense sector rotations. A large number of mid-to-long-tail tokens will increasingly resemble high-risk venture capital or "casino-style" assets, making it difficult to sustain solely through hype. Data shows that over the past 13 months, the altcoin market has seen a cumulative outflow exceeding $209 billion, with approximately 38% of altcoins currently trading near their historical lows. (Cointelegraph)