🔔 Others.D Indicator Update ⎪ The Altcoin Market is in Crisis In the chart below, the others.d indicator shows the market cap share of altcoins after excluding the top ten cryptocurrencies by market cap. This should be the best observational perspective on the overall performance of the altcoin market. It has been a long time since the altcoin market share chart was updated. Following April 9 and May 14, the market share of altcoins has indeed continued to decline as previously mentioned. We can clearly foresee the continuation of this trend through the chart's movements, which will likely expand further towards the lower channel in the future. Aside from the predictive nature of the chart, as of now, the overall altcoin market remains muddled without a main narrative logic as a developmental background. It is evident that we cannot return to the monetary easing policies of the last bull market; the nearly unlimited QE macro backdrop was the biggest driving force behind the previous bull market. Considering various factors, it seems difficult to foresee the so-called "altcoin season" again. I used to say that under this background, the altcoin market's trends can only be based on the movements of the overall market, following a phase-based trend. However, I now believe that the possibility of this trend is greatly reduced due to the market's "liquidity black hole" factor. The so-called "liquidity black hole" can be simply understood as the altcoin market entering 2025, where the trend of PVP (Player vs Player) competition significantly rises, leading to a further extreme PVP nature in everyone's competition. As this trend develops, the altcoin market gradually begins to enter a state of continuous liquidity depletion. At the same time, as this phenomenon amplifies, liquidity will become more concentrated in mainstream varieties, especially Bitcoin, continuously reducing the liquidity demand for the altcoin market. This may lead to an increasing number of altcoin varieties in the future facing liquidity crises, significantly lowering the possibility of following the overall market trend for a rebound, let alone a phase-based independent trend. Of course, this is just my subjective analysis based on information gathered from various channels and does not represent the actual expected development of the market. However, the altcoin market has indeed caused more and more people to completely lose confidence. This is not FUD; it is indeed the current state of the market. When will it improve? I have thought about this question as well. I will discuss it in detail when the others.D indicator is updated again. Thank you for your patient reading. END.