CoinWorld News reports that DWF Labs managing partner Andrei Grachev analyzed that the “Altseason” driven by the overall rise of the crypto market is becoming a thing of the past. Factors such as a surge in the number of tokens, limited participant scale, and crypto ETFs absorbing liquidity 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 funds away from altcoins. In the future, the market will experience shorter narrative cycles and more intense sector rotations. Many mid- and long-tail tokens will resemble 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, with approximately 38% of altcoins trading near their all-time lows.