$DOGE, $XRP, and $SOL lead the decline. Is the altcoin season cooling off? Don't rush to conclusions; this might be the beginning of the second half. ➤ After a night of pullback, the market atmosphere has changed. Yesterday, the altcoin sector suddenly cooled down across the board: ◼️ $DOGE plummeted nearly 9% ◼️ $XRP dropped over 6.7% ◼️ $SOL fell below $185, with a 24h decline of 6.5% Many people's first reaction is: "It's over, is the altcoin season finished?" But looking at the data and structure, things might not be that simple. ➤ Why are altcoins leading the decline? Behind it is the invisible tether of $BTC. The trigger for this round of decline actually came from $BTC. Bitcoin briefly fell below $66,000, causing a collapse in overall sentiment for altcoins. But the key point is that altcoins are still too highly correlated with $BTC, especially during times of tight liquidity. This is the risk point that most people are unaware of: 🔹 You buy $ARB, $DOGE, $LINK, 🔹 But your fate depends on the whims of $BTC and ETFs. ➤ So why is this round not the end of the altcoin season, but rather a high-intensity breather? We see three very critical phenomena: 1. The ETH/BTC trading pair is still slowly rising. If the altcoin tide were truly receding, $ETH would have collapsed first; now it is still holding at $3,700, indicating that funds haven't completely fled. 2. Capital rotation remains active. For example, $LINK, $TON, and $LDO actually saw capital inflow before the decline, indicating that the retreat is not a one-size-fits-all but rather a rotation of hotspots. 3. Open Interest has not shown a cliff. According to CoinGlass data, the overall open contracts have not significantly decreased; the market is still observing, not in a panic exit. The Altcoin Season Index is currently still around 45, not yet entering a full altcoin season, but there have been multiple rounds of localized explosions within the sector, which feels more like a preheating phase for the altcoin season, and it is a good time to position early and select the main players. ➤ Key point: What you see is a price drop, but you might overlook the ecological switch. If you are an old player, you should be thinking: ✅ Which coins are oversold? ✅ Which coins are just liquidated after rising too much? Conversely, you can also think: Are there any coins that originally had no value, just being hyped up? For example, certain meme coins and unproven AI concept coins. The altcoin season is not about a universal surge but rather a rotation with selection logic. ➤ A bit of advice from me: 1. If you are holding altcoins that are already in profit: consider adjusting your positions moderately, swapping high volatility for high certainty. 2. If you are hesitating whether to enter: you can wait a bit longer to see if $BTC can stabilize above $66k and if $ETH continues to attract capital. Most importantly, do not treat the pullback as the end. ➤ Conclusion: The fluctuations of $DOGE, $XRP, and $SOL are not the endpoint; rather, they may be the beginning of a new selection cycle. The altcoin season has not ended; it is just redefining the main players.