Gate News reports that on March 15, Cointelegraph cited DWF Labs managing partner Andrei Grachev’s analysis, stating that the traditional “altcoin season” driven by overall crypto market growth is becoming a thing of the past. Factors such as a surge in the number of tokens, limited participant scale, and crypto ETF liquidity absorption are changing the market structure. Currently, institutional funds are more inclined to allocate to Bitcoin, Ethereum, and tokenized real-world assets (RWA), further diverting attention and capital away from altcoins. In the future, the market will experience shorter narrative cycles and more intense sector rotations, with many mid- and long-tail tokens resembling high-risk investments or “casino-style” assets, making it difficult to survive solely through hype. Data shows that over the past 13 months, the altcoin market has seen a net outflow of more than $209 billion, and approximately 38% of altcoins are near their all-time lows.