IOSG Ventures suggests that a broad altseason similar to 2021 is unlikely to occur in the current cycle. The firm cites factors such as increased token supply, fragmented liquidity, and institutional preference for Bitcoin and Ethereum as key reasons. Additionally, the absence of breakout applications further diminishes the likelihood of a widespread altcoin surge. Instead, IOSG anticipates that altcoin performance will be more selective and driven by fundamentals. This environment is expected to favor DeFi blue chips and robust projects, while liquidity is likely to concentrate around institutional-grade assets and high-risk meme tokens. Mid-tier tokens may face challenges in this polarized market landscape.