[DWF Labs Partner: Traditional Altseason is Disappearing, Institutional Funds Shifting to BTC, ETH, and RWA] According to a report by Jinse Finance, Andrei Grachev, managing partner of crypto market maker DWF Labs, stated that the 'Altseason' driven by the overall rise of the crypto market is becoming a thing of the past. Factors such as the surge in the number of tokens in the market, 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 on hype alone. Data shows that over the past 13 months, the altcoin market capitalization has seen a cumulative outflow of more than $209 billion, and currently, about 38% of altcoins are trading near historical lows.