This market feels frustrating because it is not moving like old cycles. In older bull markets, $BTC pumped first, then $ETH, then $SOL, then almost every altcoin followed. This time is different. Capital is not flowing downhill. It is jumping directly into the strongest narratives. $BTC still gets institutional respect. $ETH still owns DeFi, stablecoins and settlement. $SOL still owns speed, memes and retail activity. But after that, liquidity becomes brutal. $HYPE is being treated like the pure perp infrastructure bet. $ONDO and $LINK are being treated like the serious Wall Street/tokenization trade. $ENA and $PENDLE are being treated like the yield and stablecoin liquidity trade. $TAO , $RENDER , $FET and $WLD are being treated like the crypto version of the AI boom. $JUP , $DRIFT , $PYTH , $SEI , $INJ , $SUI and $TIA are where traders go when they want higher beta. At the same time, equities are pulling capital through $NVDA , $MSFT , $META , $AMD , $AVGO , $DELL and $TSM. So the real question is not: “When altseason?” The real question is: “Which assets still deserve liquidity when the market no longer buys everything?” That answer is getting smaller every week.