A detailed analysis posted on Reddit has sparked debate by arguing that the traditional ‘altseason’ phenomenon — a period when hundreds of cryptocurrencies rise simultaneously following Bitcoin and Ethereum gains — is structurally over. The user contends that a fundamental shift in how capital enters the cryptocurrency market has rendered the old cycle obsolete.

The Liquidity Argument: From Retail to Regulated Channels

According to the Reddit post, prior to 2022, the primary liquidity source for crypto markets was retail investors. Funds flowed from centralized exchanges into on-chain ecosystems, with profits from Bitcoin and Ethereum routinely rotating into small and mid-cap altcoins. This created the broad, market-wide…