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The term "knockoff season" has been talked about for over half a year, and now it's finally here. It's not a one-man show in a single sector, but a comprehensive blossoming: Privacy coins saw ZEC hit a new all-time high, surging 20-fold in a year, with DASH and TRB also rising collectively. The old forks BCH and ETC have risen from the dead. Public chains SOL and AVAX are on the rise, with DeFi tokens UNI, AAVE, and ENA also moving up, and LINK and DOT are not missing out either. Even memes like WIF and TRUMP have been driven up by capital. HYPE surged past $80, hitting a new all-time high. At a glance, everything seems to be rising, but the real signal isn't "rising," it's "rotation"—ETH catches up and hits 2500, and money starts flowing out of BTC, first to privacy coins and forks with solid narratives, then spilling over to public chains and DeFi, and finally even absorbing meme coins with no logic. Only when this sequence plays out can it be called a "copycat season," not just a few altcoins having their own independent rallies. Only ZEC is an exception—it wasn’t pushed by overflow funds; it was Grayscale submitting the fifth amendment to the ETF (renamed The Zcash ETF, code ZCSH, intended for listing on NYSE Arca) that lit the fire. Those with hard catalysts will go further, while those relying on external momentum will eventually give it back. The counterfeit season is confirmed, but it doesn't mean every one can make it to the end.$BTC