ChainCatcher news, CryptoQuant CEO Ki Young Ju posted on the X platform, analyzing the reasons why the altcoin season has been delayed. He pointed out that, compared to the last bull market, the current rise in Bitcoin is mainly driven by institutional investors and spot ETF demand, which are different from cryptocurrency exchange users and have no intention of shifting assets from Bitcoin to altcoins.Ki Young Ju stated that since institutional investors primarily operate outside of exchanges, asset rotation has become less likely. While institutions may allocate mainstream altcoins through investment tools like ETFs, small-cap altcoins still rely on retail users from exchanges. For the total market capitalization of altcoins to reach a new high, a significant influx of new funds into exchanges is needed, but the current levels below historical highs indicate a decrease in liquidity brought by new users.He believes that future growth in Bitcoin will mainly come from ETFs, institutions, and even governments, rather than retail investors on exchanges. Therefore, altcoin projects should focus on developing independent strategies to attract new funds, rather than relying on the momentum brought by Bitcoin.