Next, let's talk about this round of alt season.

1. In this round, there have been alt seasons at the beginning of 2024 and from November to mid-December 2025, and there will still be alt seasons of this level coming up, but it won't be the typical alt seasons like in the previous bull market. This means that the alt season in this round is a small-scale rebound of 2-3 times in the chicken rib market after the altcoins are washed down to a new low, when BTC and ETH are stagnating and consolidating at the new peak. Moreover, it is limited to high-quality altcoins that either have certain consensus, have active application landing data, or participate in governance and dividends. Particularly high-quality altcoins may be stronger and could have 3-5 times or even 10 times returns, but it is difficult to filter and hold them due to their high volatility, which is not conducive to defending against declines at the end of the bull market. ETH, as the head of the altcoins, has passed the ETF, and in this round, there has still been a wave of market movements leading to 5-6K.
2. Previously, the altcoin prosperity index of 75 was the starting point of the alt season, but from this round onwards, perhaps 75 is the peak of the alt season, and when the index reaches 75, the alt season will tend to come to an end.
3. In the future, the crypto market will be no different from the US stock market, with 1% of projects accounting for 90% of market value and growth. At the end of a bull market, don't be greedy; altcoins shouldn't be greedy either. In short, take profit when you can, even if there's a slight gap from your expectations, it's best to preserve the profits you've made. Retail investors shouldn't expect to make tens of times their investment in the crypto market anymore; achieving a 3x return in each market wave would be good enough. A return of 5 to 10 times from the end of a bear market to the middle of a bull market over 2 years is the most stable and reliable.