The wave of altcoins in 2021 is really gone for good.

Basically, the problems lie in three areas.

**Funding has changed.** In 2021, retail investors were everywhere, throwing money into altcoins because Bitcoin was expensive. Now it's different. Wall Street giants like BlackRock and Fidelity have become mainstream investors. They are here to build infrastructure, not to gamble. Altcoins are simply not on their radar.

**Altcoins have been ruined themselves.** In the early days, coins were issued only if there was a project behind them, mainly for fundraising. By 2021, the number of altcoins skyrocketed from 8,000 to 16,000, reversing the logic—issue coins first, then create a story and set up a company. Now, it's even more absurd; some internet meme coin is launched just like that, without even forming a company. Currently, there are about 28 million types of altcoins circulating online. Even if we cut out obvious junk coins, there are still 19 million pure air coins. Who dares to touch them?

**The macro environment doesn't allow it.** In 2021, domestic policies were relatively lenient, but now anti-money laundering scrutiny has tightened. Geopolitical risks have increased, retail investors' risk appetite has plummeted, and cryptocurrency investment is no longer a priority, with altcoins being the last option to consider.

In short, the current capital cannot sustain a full-blown altcoin season. Future altcoins will either die or only survive in niche tracks.