Analysis: This cycle exhibits the "reverse copycat season" characteristic, with structural weakening and increased divergence.

Odaily Planet Daily News: Analyst Ali posted a detailed analysis on the X platform indicating that this cycle may have already entered a “reverse clone season” different from traditional patterns. Historically, clone seasons usually see Bitcoin’s rise followed by capital rotation into altcoins, driving a broad rally. However, the current cycle is more characterized by structural weakness and increased divergence among altcoins. Reviewing the cycle trends shows that Bitcoin bottomed around $15,000 after the FTX incident in November 2022, then entered a bull market, reaching a high of approximately $126,000 near October 2025. During this period, the market did not experience a typical widespread altcoin rally. Most altcoins broke long-term trend channels, lost key support levels, and experienced increased downward volatility. In this environment, market opportunities are more focused on structural divergence and two-way trading rather than a one-sided rally. From a market structure perspective, it appears to be a phase of selective deleveraging and valuation reversion for alt assets, rather than a traditional full-scale altcoin bull market. In the short term, the market may continue to exhibit divergence, and the structural downside risks have not yet been fully realized.