ALT SEASON is dead? Small-cap tokens fall to a four-year low, the truth is shocking 📉🚨

Data shows that small-cap crypto assets have just fallen to their lowest point in four years. Since 2024, the returns of traditional stock indices such as the S&P 500 and Nasdaq 100 (cumulative around 47%-49%) have significantly outperformed mainstream crypto indices. Fund flows indicate that the current logic of "altcoin trading" is closer to stock trading—the market is chasing actual returns and mature narratives rather than pure speculative rotations.

What does this mean for traders? The era of indiscriminate speculation on small coins may be over. Liquidity is becoming selective, with fundamentals, cash flow, and real applications becoming more critical screening indicators. Blindly betting on a broad rise during "Alt Season" carries extremely high risks.

💡 Key Insight: The market is maturing and differentiating. Funds are shifting from pure meme to "crypto stocks" (like protocols with actual returns). Future alpha may come from in-depth research and value discovery, rather than waiting for sector rotations.

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