Today is not like the past, there will never be another altcoin season. Big players who made money have learned to hold onto their wealth, only going for investment portfolios or playing in the U.S. stock market. Project teams realized there’s no need to build anything—whatever they launch makes money, so they just keep rolling out new projects. This leads to more coins being created and funds becoming increasingly scattered. On CEXs, projects pay fees, exploit project teams, and then project teams dump on retail investors to suck their blood. Retail investors have realized that if they’re even a little slow to act, they lose money. How can the market atmosphere be good like this? When the wealthy in a market keep withdrawing money and everyone is just trying to outrun each other, how can there be a big rally? When the supply of blood can’t keep up with the rate of extraction, it inevitably leads to stagnation.