The next bull cycle will likely be a structured altcoin season, not the kind of uniform "altseason" surge like before.

Recently, altcoins moving against the market and creating their own trends are mostly those with narratives tied to institutions like $TAO, $ZRO or $MORPHO. This isn't small retail money pushing prices, since retail hasn't made a strong comeback yet. The marginal buyers right now are primarily institutional capital flows.
This essentially shapes the face of the next cycle:
• No longer a broad-based wave of gains.
• Instead, capital flows concentrated on a group of assets with clear criteria.
The logic for altcoin selection has therefore become simpler:
❶ Either large enough market cap and deep enough liquidity to absorb large capital inflows/outflows.
❷ Or connections with traditional finance, creating long-term narratives and real-world utility.
Projects that don't meet one of these two conditions will struggle to attract sustainable capital flows.
Based on this thinking, I've started DCA-ing into PUMP, trading with a mean reversion approach – expecting it to revert to equilibrium value rather than chasing short-term narratives. $PUMP
{spot}(PUMPUSDT)