Matrixport released a chart today stating that the anticipated altcoin rally over the past year failed to materialize. In previous cycles, Bitcoin price increases typically led to capital outflows, gradually spreading to the altcoin sector. However, this transmission mechanism was significantly weakened in this cycle, primarily due to the following reasons. First, retail investor participation, a key driver of altcoin demand, remained low in this cycle. Simultaneously, many crypto projects lacked new narratives to drive the market and failed to provide solutions with real-world applications. More importantly, the market continued to face supply pressure from early investors. Continuous token unlocking and liquidity releases generated new selling pressure, making market rebounds more susceptible to supply-side obstacles. As a result, altcoins as a whole remained under pressure, and investor sentiment was generally dampened. However, there were still some individual altcoins showing strength, and these opportunities could often be identified through simple market structure signals.