There will definitely be people upset when you say this, but the sooner some truths are recognized, the lower the cost.

What you're waiting for is not the "late copycat season," but an old system that has already been torn apart into pieces.

In the past two years, everyone has been repeatedly asking about one issue: macro conditions are not bad, regulations are easing, spot ETFs are launching, on-chain data is hitting new highs... so what about the copycat season? Where did it go?

The answer is actually very cruel: it simply doesn't exist. It's not slow, nor is it brewing; the liquidity transmission system of this market has completely broken down.

**The Most Counterintuitive Cycle**

There may have never been such a magical scene in crypto history: macro conditions are unprecedentedly friendly, yet altcoins are more subdued than ever.

Remember the "ancestral roadmap" of 2020-2021? BTC starts → ETH follows → large-cap rotation → altcoins explode → junk coins celebrate. As long as liquidity is pumped and risk appetite rises, funds will follow this chain and keep pouring in.

But this time, this formula has completely failed. Liquidity recovery, record highs in risk assets, easing regulatory attitudes... all conditions are met, yet altcoins remain completely stagnant. This is not emotional volatility; it’s that the underlying liquidity transmission chain has already broken.

**The true watershed is 2022**

Many people regard 2022 as a "black swan event," but in reality, it was more like a systemic liquidation. Luna didn't just take down a project; it directly rewrote the rules of the entire ecosystem.