The so-called cottage season only exists before 2021 The others.d indicator in the chart below is the market cap percentage of ALTS excluding the top 10 crypto tokens by market capitalization. This should be the best way to look at the performance of the ALTS market as a whole. Before 2021, ALTS is creating higher highs and higher lows at the same time, and the center of gravity continues to move upward, which is understandable This is an absolute ALTS unilateral upward trend, which is commonly known as the cottage season! However, to the trend after 2021, we can see from the chart that others.d is creating lower highs and lower lows at the same time, and the center of gravity continues to move downward, forming a downward trend of the channel, and it will fall below the yellow ascending trend line in the long-term chart in 2025, although there has been a brief rise in the middle of the channel, but this is all phased. This is also the reason why I mentioned in the X article that the altcoin market may maintain a phased and partially independent market for a long time in the future. It will not continue to usher in a collective independent rally from bitcoin. The key to breaking out of this situation is to be able to break out of the channel and stop making lower highs and lower lows. In addition, if the lead of Bitcoin can bring sufficient liquidity spillover effect to the ALTS market in the future, then there is also a chance to reverse this situation and add the biggest accelerant to the new narrative theme of ALTS. Because if we look back at history, we will find that every bull market in history corresponds to loose monetary policy. 2013-2014 Bull Market: Corresponding to the Fed's continued QE response to the aftermath of the 2008 financial crisis. 2017 Bull Market: Liquidity is abundant in response to the continuation of the low interest rate environment of global central banks. 2021 Bull Market: In response to the unprecedented QE triggered by the pandemic, the Federal Reserve and global central banks injected trillions of dollars in liquidity. Although the background of this round of bull market is still similar to that of previous rounds, it is far from reaching the state of excess liquidity of previous rounds, which of course corresponds to the volume of crypto much higher than in previous rounds. At the same time, the significant feature of this round of bull market is that it comes from the implementation and improvement of regulatory policies, the passage of Bitcoin spot ETF, and the listing of Bitcoin as a strategic reserve, which undoubtedly provides a new window for liquidity injection. However, in terms of loose monetary policy, the current outlook is far less than that of previous rounds. Of course, in addition to the loose monetary policy to inject liquidity into bitcoin, the conditions for the copycat season are much more than that, but it is undoubtedly the most important anchor for the copycat season.