Why is there no more altcoin season in the crypto world? It’s not because there are too many 'pump-and-dump groups,' it’s because the capital flow chain is broken. Before: BTC rises → profits move to ETH → flow into altcoins. Now: Institutional money goes into ETFs → locked in BTC and ETH → no spillover. Total number of tokens: 37.8 million. Stablecoins are flowing out. BTC dominance stuck at 60%, not dropping. It’s not that altcoins aren’t rising, it’s that the water simply isn’t flowing into that well.