During this period, the BTC dominance (BTC.D) has finally started to turn around, dropping from 65% to 58%.

This part is mainly the share taken by ETH, a typical prelude market. I believe the real "liquidity overflow" has not yet occurred.

Moreover, historical patterns are also worth considering:

In each three-round cycle, whenever BTC.D peaks around 70% → it drops to 40% within six months.
During the process, it will be accompanied by the strongest sentiment of the "shanzhai uselessness theory."

The current funding structure also shows signs:

Friends from secondary institutions have started to take the lead in positioning ETH.

When ETH experiences strong FOMO, traditional secondary funds will further enter the market, and the overflow liquidity will naturally seek out altcoin exits.

What's interesting this round is that many assets that are cash cows in themselves: Hyperliquid, Pendle, Ethena, Uniswap, Aave... can be valued at several times their reasonable valuation in the US stock market.

As the narrative of "coinification" progresses, they are likely to become a bridge for channeling funds.

If considering switching to altcoins, the selection principle remains simple:
Experienced through the test of time;
Cash flow is visible, and the business is growing;

Can understand and use it by oneself.

The emergence of a copycat season is never a matter of coincidence; it is often the inevitable result after liquidity has been passively pushed to a critical point.

It feels more like the stage has just been set up, and the real performance has yet to begin.