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

Odaily Planet Daily News 10x Research published an article stating that although Bitcoin continues to hit record highs and attract a large amount of institutional funds to enter the market, altcoins are still standing still, constrained by the continuous unlocking of tokens and the lack of suppression of new narratives. The old script that once relied 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 moderate returns." It doesn't actually take too much money to drive altcoins to soar, and a few large buy orders can easily pry open the low-liquidity market. But the problem is how to maintain the rise. 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 key factors supporting this type of market appear.