Will the altcoin season come this time? My pessimistic view still seems to be the majority. The recent surge in BTC and ETH is driven by two events: 1. Interest rate cuts; 2. Countries around the world are pushing stablecoins like crazy. However, these two events do not represent any substantial reform or improvement for the crypto industry itself! The launch of stablecoins on Circle has amazed many Web2 institutions, revealing how profitable stablecoin companies can be. For instance, the company behind USDT makes a profit of $13 billion a year with just over 100 employees. But what real change does this bring to crypto itself? USDT and USDC have been around for many years. If it allows more Web2 companies to use U for settlement in cross-border trade (currently U only accounts for 0.3% of global trade), it is still limited to stablecoins, at most igniting a RWA track. So many altcoin concepts are still just lying around. We need some new breakthroughs, even if it's something like inscriptions, which may not be useful but represents a new way of asset issuance, it can still generate speculative enthusiasm. Yes, the crypto circle still relies on speculation, which is a sad reality.