PANews reported on December 3 that Ki Young Ju, founder and CEO of CryptoQuant, tweeted that this round of altcoin season is different from the past and more challenging, with only a few projects standing out. Despite good market sentiment, new liquidity is limited. He pointed out that Bitcoin is building its own "paper second-layer ecosystem" through ETFs, MSTRs, and funds, and is gradually moving away from the cryptocurrency ecosystem, which has led to a weakening of the linkage between altcoins and Bitcoin. Some altcoins have shown an independent trend and attracted new liquidity. Ki Young Ju believes that there are two ways out for altcoins: one is to create a paper derivative version similar to Bitcoin, and the other is to use stablecoins or Bitcoin to build a real Internet currency ecosystem. He advises investors to pay attention to altcoins with these two potentials and hold them for a long time.

He also pointed out that Coinbase's Bitcoin trading volume dropped significantly on weekends, indicating that institutional brokers mainly trade on weekdays. The gap between weekday and weekend trading volumes has continued to widen over the past two years. He reminded investors to avoid shorting Bitcoin before this trend is reversed, otherwise they may be subject to liquidation risks due to institutional investors (such as Michael Saylor and Bitcoin ETF participants).