Altcoins can still pump even when the market is bleeding and fresh liquidity is scarce. But there's a catch. This happens at the expense of BTC and ETH. As more people in the crypto community lose faith in ETH and sell, like David Hoffman from Bankless, they rotate into altcoins that actually have revenue or a real product-market fit story behind them. The beauty is that selling 1 million dollars worth of ETH and buying 1 million dollars worth of ZEC or NEAR creates an asymmetric price impact. Small caps, massive moves. I think that's exactly what's been happening in crypto lately. If a few select altcoins start crafting new rags-to-riches narratives, that will pull attention back into the space. That fresh attention can attract new capital, which eventually flows back into ETH and BTC. This rotation is a healthy self-correcting mechanism. A real alt season can actually lead to a rally for the majors. Anyone who lived through DeFi Summer remembers how it started. Altcoins ran hard while ETH sat still. It was only when DeFi Summer created FOMO beyond the crypto bubble that the real breakout began. Right now, there just isn't enough capital to pump the entire market. We only need a handful of altcoins to keep outperforming and keep the degen spirit alive.