[Analysis: The Traditional Altseason is Disappearing as Institutional Funds Shift to BTC, ETH, and RWA] Deep Tide TechFlow reports on March 15, citing Cointelegraph, that Andrei Grachev, managing partner of crypto market maker DWF Labs, analyzed that the 'Altseason' driven by the overall crypto market surge is becoming a thing of the past. Factors such as the explosion in the number of tokens, the limited scale of participants, and the liquidity absorption by crypto ETFs are reshaping the market structure. Currently, institutional funds are more inclined to allocate to Bitcoin, Ethereum, and tokenized real-world assets (RWA), further diverting attention and capital away from altcoins. In the future, the market will see shorter narrative cycles and more intense sector rotations, with a large number of mid-to-long-tail tokens resembling high-risk venture capital or 'casino-like' assets, struggling to survive solely on hype. Data shows that over the past 13 months, the altcoin market cap has seen a cumulative outflow of more than $209 billion, and currently, approximately 38% of altcoins are trading near historical lows.