I'm increasingly convinced that in the future, only about 5% to 1% of altcoins might outperform $BTC. Most altcoins will gradually lose liquidity due to a lack of funding, users, and real value. The ones that still have a chance will likely be concentrated in a few sectors, such as AI Agents, RWA, payments, and DeFi projects with real revenue and cash flow support. Even if the Fed starts cutting interest rates in the future, it's highly likely to just return to neutral rates from restrictive ones, not the unlimited QE we saw in 2020. The era of liquidity-driven markets where you could blindly buy altcoins and make money is probably gone for good. The future crypto market might see only a very small number of high-quality projects consistently attracting funds—broad altcoin seasons are now a thing of the past. Most importantly, global capital has more options than ever. AI tech stocks, gold, crude oil, U.S. Treasuries, stablecoin yields—many crypto funds are even starting to allocate to AI-related U.S. stocks. Capital is no longer just rotating within the crypto space; it's searching for returns across global assets.