PANews reported on March 15th, citing Cointelegraph, that Andrei Grachev, Managing Partner of crypto market maker DWF Labs, analyzed that the "altseason" driven by the overall crypto market rally is becoming history. Factors such as the surge in the number of tokens, limited participant scale, and the absorption of liquidity by crypto ETFs are changing the market structure. Currently, institutional funds are more inclined to allocate to Bitcoin, Ethereum, and tokenized real-world assets (RWA), further diverting attention and funds from altcoins. The future market will see shorter narrative cycles and more dramatic sector rotations. Many mid-to-long-tail tokens will resemble high-risk venture capital or "casino-style" assets, unable to survive sustainably through mere speculation. Data shows that the altcoin market capitalization has seen a cumulative outflow of over $209 billion in the past 13 months, and currently, approximately 38% of altcoin prices are near all-time lows.