#数字资产生态回暖 The opportunity window may be quietly opening.

On-chain signals are already very clear. The total supply of stablecoins has stopped falling and rebounded, with new funds continuously flowing in; the outflow speed of BTC from exchanges has significantly slowed, and at the same time, the depth of spot buy orders for some mainstream altcoins is expanding—funds are reallocating, and market sentiment is shifting.

Bitcoin’s dominance is loosening, and this change perfectly correlates with the distribution of holdings across wallet addresses. Large holders are slowing down their accumulation of BTC, while smart money is starting to diversify into altcoins. An even more important signal comes from perpetual contracts: funding rates have returned to neutral or even slightly negative, while spot volume is increasing—what does this indicate? This rally is driven by genuine spot demand, not a bubble built on leverage.

My judgment remains the same: risk appetite is repairing, but far from madness. Once BTC starts to fluctuate or experience slight corrections at high levels, the narrative of altcoin season will be ignited, and that will be the real rotation opportunity.

Several directions worth watching: recent upgrades and frequent eco-actions of public chain projects; leading DeFi projects with real revenue and buyback mechanisms; and mid-tier protocols that are undervalued but have solid community consensus.

Don’t wait until influencers shout “Altcoin season is here” to chase. The data is right there, and volatility is an opportunity for strategic positioning. Keep a steady mindset, enter in batches, and avoid high leverage. In this market, holding the integrity of spot holdings is far more reliable than contracts.

Bull markets always unfold amid skepticism and end in madness. Right now, it’s just the beginning.