Coin World reported on July 21 that Bitcoin market share (BTC.D) began to fall after hitting a high since the beginning of 2021. This subtle change is like a modulation signal in a symphony, indicating that the crypto market may be entering a new movement. XBIT said: When the epic rise driven by Bitcoin spot ETFs came to an end, capital began to turn its attention to those "altcoins" that were once marginalized, and a discussion about whether the "altcoin season" was coming was heatedly launched among traders and investoThe evolution trajectory of the crypto bull market is undergoing subtle and profound changes. The simple rotation mode of "Bitcoin first, altcoins follow up" in traditional cognition is being replaced by a more complex capital flow pattern. The market performance from the end of 2024 to the beginning of 2025 perfectly interprets this evolutionary process-the institutional capital flood brought by Bitcoin spot ETFs not only pushed up the price of Bitcoin, but also reshaped the liquidity distribution pattern of the entire market.It is worth noting that this round of Bitcoin's rise presents an unprecedented "institutionalization" feature. Unlike the traditional retail-driven bull market, this rise is backed by the deep participation of traditional financial giants such as BlackRock and Fidelity. These institutional investors have brought more stable capital flows and a longer-term investment perspective, making Bitcoin's price trend more resistant to volatility. Analysts at the XBIT decentralized exchange platform pointed out that when Bitcoin prices were consolidating near new highs, these institutional funds did not leave the market, but began to look for the next configuration direction-this explains why the overall market value is still growing steadily while the current Bitcoin market share is declining.According to historical data from the Coin World APP, the decline in Bitcoin's market share after the high point in the bull market in 2017 and 2021 often indicates the outbreak of altcoins. But the current situation is more complicated: on the one hand, the base of Bitcoin's market value is no longer what it used to be; on the other hand, the structure of market participants has changed fundamentally. This may lead to the "structural differentiation" characteristics of this round of altcoins-a few high-quality projects may obtain excess returns, while most projects will still face the dilemma of insufficient liquidityThe multi-dimensional resonance of market indicators provides us with a three-dimensional perspective to observe this transition period. Although the current reading of 51 of the "Altcoin Season Index" has not reached the "official" standard of 75, it has shown significant momentum accumulation. What is more worthy of attention is the calculation method of the index itself - it tracks the performance of the top 50 altcoins by market value, which means that the current market focus has shifted from "full blossoming" to "head concentration". The XBIT decentralized exchange platform aggregates popular altcoin trading pairs and perpetual contracts to meet the needs of high-risk preference investors. Through transaction mining, liquidity mining and other methods, users are encouraged to participate in altcoin trading.The role evolution of Ethereum in this cycle is particularly worthy of attention. As the first stop after capital overflows from Bitcoin, Ethereum is undergoing a transformation from a "single platform" to an "ecosystem hub". The successful listing of the spot ETF in July 2024 not only brought billions of dollars in net inflows, but also reshaped the market's cognitive framework of Ethereum - it is no longer just a smart contract platform, but a digital value storage method with compliant asset attributes.According to the report of Bijie.com, the rebound of the ETH/BTC exchange rate has multiple meanings. Technically, it challenges the long-term downward trend line; fundamentally, it reflects the reassessment of the value of the Ethereum network; psychologically, it changes the logic of investors' asset allocation. However, this exchange rate change may bring unexpected differentiation effects: on the one hand, high-quality projects in the Ethereum ecosystem may receive more attention; on the other hand, other public chain projects may face more severe liquidity competition.The game between the "halo effect" and the "shading effect" will determine the specific form of this round of cottage season. If the influence of the former dominates, we may see a coordinated rise in the entire ecosystem; if the latter prevails, Ethereum may be "the only one". XBIT decentralized exchange platform analyst said: At present, Ethereum Gas fees have begun to rise, which indicates that network activity has increased and may also push up the participation threshold of small and medium-sized projects.History always rhymes with similar rhymes, but each repetition has new variations. The ICO craze in 2017 and the rise of DeFi Summer + NFT in 2021 represent market frenzy at different stages. In 2025, we are witnessing the beginning of a new era of deep integration of crypto technology and the real world. The tokenization of real world assets (RWA) is moving from proof of concept to large-scale application. XBIT decentralized exchange platform analysts predict that the market size may reach 16 trillion US dollars by 2030. More noteworthy is that the participation of traditional financial giants such as BlackRock not only brings funds, but also introduces compliance frameworks and institutional standards, which may completely change the infrastructure of the crypto marketWhether the alt season is coming is no longer a simple "yes or no" question, but a question about how the market structure evolves. The decline in Bitcoin's market share, optimistic market sentiment, and active Ethereum ecology do meet the classic characteristics of the alt season. XBIT.Exchange decentralized trading platform users always have their own private keys, and assets are stored in their own wallets. Only users can control the transfer of assets, avoiding the risk of exchanges freezing or misappropriating user assets. And provide investors with multi-chain support: in addition to Ethereum, altcoins of emerging public chains such as Solana and Base capture growth opportunities in different ecosystems. Provide seamless cross-chain trading experience, allowing users to freely switch trading targets on different chains. And provide API interface and VIP trading services for large traders