The traditional altcoin market season is drawing to a close as institutional investors increasingly allocate funds to Bitcoin, Ethereum, and tokenized real-world assets (RWAs). According to Andrei Grachev of DWF Labs, factors such as the proliferation of tokens, limited market participation, and liquidity absorption by crypto ETFs are reshaping the market landscape. This shift is leading to shorter narrative cycles and more pronounced sector rotations, with many altcoins now resembling high-risk ventures. Data indicates a significant outflow from the altcoin market, with over $209 billion withdrawn in the past 13 months. Currently, about 38% of altcoins are trading near their all-time lows, highlighting the challenges faced by these assets in sustaining value through speculation alone.