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.

ChainCatcher message, top trader Eugene stated on his social platform, "I think this is the most challenging altcoin season I've ever experienced. The capital flow makes no sense to me, and the level of volatility is hard to predict.At this time, I would usually ask for a proper altcoin rotation on most of the popular tokens in the community, but now I'm not so sure. Currently observing and waiting while preserving capital." Yesterday, he stated, "I have taken profits on long positions. I advise to remain cautious."

ChainCatcher news, Bitfinex released a report stating, "Bitcoin's approach to the historic $100,000 mark is driven by unprecedented inflows into Bitcoin ETFs and strong institutional demand. Despite facing profit-taking resistance at its latest all-time high, Bitcoin has shown resilience, maintaining around $96,000 over the weekend and then regaining some upward momentum in early trading on Monday. Since the pre-U.S. presidential election low of $66,880, Bitcoin has risen by 47%, and it has astonishingly increased by 130% year-to-date, paving the way for new horizons. The performance of Bitcoin compared to traditional assets is undeniable: Bitcoin's market capitalization has now surpassed Saudi Aramco, becoming the seventh-largest asset globally, with a peak valuation exceeding $1.9 trillion.Although Bitcoin's upward momentum is remarkable, it is not without profit-taking from long-term holders. Despite increased pressure, the current pressure remains manageable compared to the historical peaks in March 2021 and March 2024. These trends indicate a temporary stagnation in market momentum, but the overall market may absorb selling pressure and continue to rise in the medium term.The overall cryptocurrency market (excluding Bitcoin and Ethereum, referred to as the Total3 index) has also reached a new cycle high, with investor sentiment surging, driving the Total3 index to experience a 23.2% increase from low to high last week—this is the largest increase since April 2021. Large-cap altcoins, such as Solana (SOL), have reached new all-time highs, marking their breakthrough of key resistance levels, including the April 2022 peak.The market capitalization of altcoins is now approaching the $984 billion high from May 2021, indicating that speculative funds are shifting from Bitcoin to altcoins. Historically, this kind of fund rotation often heralds the arrival of "altcoin season," where altcoins outperform Bitcoin.In fact, the annualized funding rate for large-cap altcoins has surpassed the 45% threshold, marking an increase in speculative activity. With the participation of retail investors on the rise, short-term volatility is expected to increase, further driving the momentum of altcoins. However, these conditions also require caution, as extreme funding rates often signal severe market corrections."

ChainCatcher message, trader Eugene posted on social media: "Let the alt season BEGIN," indicating optimism for the start of alt season.

ChainCatcher message, trader Eugene Ng Ah Sio shared on his personal social platform: "The last Token2049 marked a local bottom for the market and signaled the beginning of a new round of altcoin cycles. What will this Token2049 bring?"

ChainCatcher news, Matrixport released a chart report indicating that there are always opportunities for a bull market. Although cryptocurrencies have experienced a typical summer lull, Bitcoin's dominance has reached a new high for the cycle. This suggests that the altcoin season has not yet arrived, but reflects the market's strong preference for Bitcoin.For the entire industry, Bitcoin remains a reliable pillar. Since the birth of digital currency 15 years ago, Bitcoin has proven its resilience. Whether in a bear market or a bull market, this stability has always been the anchoring force in the market, especially when trading volumes remain strong.

ChainCatcher news, BitMEX co-founder Arthur Hayes stated that the recovery of the altcoin market needs to wait for Bitcoin and Ethereum to break through key price levels. Although Bitcoin and Ethereum have seen some pullbacks since April, they have avoided a significant drop in the altcoin market due to the net inflows from ETFs listed in the U.S.He predicts that the altcoin season will only reappear after Bitcoin breaks through $70,000 and Ethereum surpasses $4,000. Solana may break through $250, but its wealth effect on the overall crypto market is not as significant as that of Bitcoin and Ethereum.He believes that the rise of Bitcoin and Ethereum driven by dollar liquidity before the end of the year will lay the foundation for the recovery of the altcoin market.