Analysis: Continuous token unlocking and lack of new narrative lead to stagnation in the altcoin market

10x Research has published an article stating that Bitcoin continues to break historical highs, attracting a large influx of institutional funds, while the altcoin market remains stagnant. The continuous unlocking of tokens and the lack of new narratives have become constraints on the development of altcoins. The old model of relying on speculation and leverage to boost prices has lost its effectiveness in the 4.5% US Treasury yield environment, and even Ethereum has quietly entered the stage of "staking for moderate returns". The funds required to drive the price of altcoins to skyrocket are not much, and a few large purchases can leverage the low liquidity market. However, maintaining the upward trend is the challenge, which requires more retail investors to participate, and this is the real difficulty. In the past year, encrypted Twitter has been constantly speculating that altcoins are about to enter an explosive season, and the concept of the so-called "banana zone" has also been repeatedly mentioned. However, this narrative has not yet been realized, and although the market sentiment is high, the key factors supporting such a market trend have not yet emerged.