The so-called knockoff season only existed before 2021 The 'others. d' indicator in the following figure represents the proportion of alts to the market value of Bitcoin, excluding the top ten cryptocurrencies in terms of market value. This should be the best perspective for observing the overall performance of the alts market. Before 2021, alts were creating both higher highs and lower lows, with a continuous upward shift in focus. It is understandable that this is an absolute unilateral upward trend in alts, commonly known as the knockoff season! However, in the trend beyond 2021, we can see from the chart that others. d is creating lower highs while also creating lower lows, with a continuous downward shift in center of gravity, forming a downward trend in the channel. It even fell below the yellow upward trend line in the long-term chart in 2025, although there was a brief rise in the middle of the channel, it was all temporary. This is also the reason why the altcoin market may maintain a phased and locally independent market in the long term, as I mentioned in X article. There will not be a sustained upward trend independent of Bitcoin. The key to breaking this situation is to be able to break through the channel decline and no longer create lower highs and lows. Furthermore, if the leading role of Bitcoin can bring sufficient liquidity spillover effects to the alts market in the future, there is also a chance to reverse this situation and add the greatest fuel to the new narrative theme of alts. Because when we look back at history, we will find that every bull market in history corresponds to loose monetary policy. 2013-2014 bull market: corresponding to the Federal Reserve's continued QE response to the aftermath of the 2008 financial crisis. 2017 bull market: corresponding to the continued low interest rate environment of global central banks and abundant liquidity. 2021 Bull Market: In response to the unprecedented QE triggered by the pandemic, the Federal Reserve and global central banks injected trillions of dollars in liquidity. The background of this bull market, although still similar to previous rounds, is far from reaching the state of excess liquidity seen in previous rounds, which of course corresponds to a much larger volume of crypto than in previous rounds. The significant features of this bull market are the implementation and improvement of regulatory policies, the approval of Bitcoin spot ETFs, and the inclusion of Bitcoin as a strategic reserve, undoubtedly providing a new window for liquidity injection. But in terms of loose monetary policy, it currently looks far inferior to previous rounds. Of course, in addition to injecting liquidity into Bitcoin through loose monetary policy, the conditions for the knockoff season are far more than these, but undoubtedly this is the most important anchor point for the knockoff season.