I wanted to share some thoughts on the market. Altcoins have been in a bear market since late 2021 / early 2022. The top for BTC in this cycle was ~$69,000, and many altcoins peaked around that time. 2022: Sharp decline across all alts. The Terra/Luna collapse in May and the FTX collapse in November accelerated the downturn. 2023: BTC and ETH began recovering somewhat, but alts remained mostly flat or weak. 2024–2025: More institutional involvement, primarily in majors like BTC and ETH. ETF approvals helped bring new capital in, but we didn’t see the typical capital downflow into alts like in previous cycles. This is largely due to institutional money flowing through ETFs and staying in large caps. Most alts are still down 70–99% from their all-time highs. The Future of Alts Most altcoins outside the top 200 are extremely illiquid, small buys or sells can move the price massively. With thousands of new tokens launching daily, liquidity is thin and attention is fragmented. Retail is still missing. The market has matured beyond the “hype meta” of 2017 and 2021, where speculation alone drove price. Today, people only buy alts with clear utility, tokens that offer real functionality or enable revenue generation. Most still don’t. Will we ever get another “alt season”? Personally, I don’t think we’ll see anything on the scale of 2017 or 2021 again. The game has changed. That said, some alts will still perform, especially: - Projects with legit business models - Tokens with strong revenue-to-token connections - Teams that adapt or pivot to improved use cases not ones that are smoke and mirrors. Narratives will always play a role, but execution and token design are what will separate the noise from real value going forward.