#链上资金流动 Seeing Bitcoin rise by 20%, Ethereum also follows higher, many people are asking me when the altcoin season will come. Honestly, I've been asked this question a hundred times, and the answer remains the same—the altcoin season will come, but not according to your timetable, rather according to the liquidity cycle.

What is the harshest truth? Capital entering the market has never been simultaneous. Institutions and large funds first access spot ETFs, purchasing Bitcoin and Ethereum, which are the most direct and safest channels. Then come derivatives trading, and finally retail investors seek high-risk, high-reward altcoins. Does your investment portfolio look stuck right now? That only indicates liquidity is still at the first stage, not flowing into risk assets at all.

What I suggest you do now is not to worry about why altcoins aren't rising, but to learn to watch a few key signals. The trend of Bitcoin dominance, Ethereum's performance relative to Bitcoin, whether stablecoin supply is increasing—these are the real beacons indicating rotation. When BTC.D begins to confirm a downward trend, ETH/BTC hits higher highs, and stablecoin supply is growing, then that’s the true early signal of altcoin rally.

The smartest move now is to protect the gains of mainstream coins while doing your homework. Because false pumps will often appear, but genuine rotation only presents opportunities for those prepared. Patience will truly pay off.