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10x Research: The absence of the alt season is due to the lack of new narratives and the pressure of a large number of token unlocking, making it difficult to maintain the upward trend 10x Research published an article stating that despite Bitcoin’s continued record highs and the influx of institutional funds, altcoins are still standing still, constrained by the continuous unlocking of tokens and the lack of new narratives. The old script that used to rely on hype and leverage no longer works against the backdrop of a 4.5% U.S. Treasury yield. Even Ethereum has quietly entered the stage of “staking in exchange for modest returns.” It doesn’t actually take much money to drive altcoins skyrocketing, and a few large buy orders can easily pry open a low-liquidity market. But the problem is how to maintain the rally. This requires more extensive retail participation, and this is the real difficulty. Over the past year, crypto Twitter has repeatedly said that altcoins are about to usher in an explosive season, and the so-called “banana zone” has been constantly hyped. But so far, this narrative has never been fulfilled. Although market sentiment has been repeatedly stimulated, we have not seen the emergence of key factors supporting this type of market.