January 26 News, the crypto market is entering a cycle that is markedly different from previous ones. The latest data shows that Bitcoin's market share remains stable at 59%, while the altcoin season index is only 41, well below the key threshold of 75, indicating that most mainstream tokens have still underperformed Bitcoin over the past 90 days. CryptoRank's research further points out that the market has not experienced a typical altcoin season for 122 consecutive days, and this phenomenon is no longer a short-term fluctuation but a result of structural change. First, capital has been severely diluted. Over the past year, the number of tradable tokens has surged from approximately 5.8 million to over 29 million, with funds dispersed across a vast array of projects, making it difficult to concentrate and drive sector-wide growth. This "liquidity fragmentation" directly weakens the likelihood of altcoins collectively gaining strength.