A Reddit user claimed that with the cryptocurrency market's liquidity structure changing from the past, it will be difficult for the traditional altcoin season to recur. He explained that before 2022, retail investor funds flowed into exchanges and on-chain, circulating from BTC and ETH price increases to small and medium-sized altcoins, but currently, funds are flowing primarily into regulated financial products such as ETFs, corporate treasuries, and custodial institutions. This analysis suggests that because such institutional funds do not rotate into arbitrary altcoins, a market where hundreds of tokens rise simultaneously, as in the past, is unlikely to occur. He also pointed out that since 2021, the number of tokens has exploded, and with AI, bots, and MEV dominating market participation, liquidity is becoming more severely fragmented.