In the cryptocurrency market, 'alt season' is a notable phenomenon. This concept can be simply understood as two key phases: first, Bitcoin breaks through the price high of May, followed by breaking the historical high of 2021.

This process is accompanied by complex flows of funds:

When funds flow into Bit, we will observe the following situations:
- The dominance of Bitcoin in the market is rising
- Other altcoins (commonly known as '山寨币') are experiencing capital outflow and price decline.

On the contrary, when funds flow out of Bit, the market presents a different picture:
- The market dominance of Bitcoin is declining
- Altcoins are starting to attract investment, and prices may see a significant increase.

Essentially, 'alt season' is the result of funds rotating between different encryption assets. For investors, understanding this phenomenon is crucial. A wise strategy is to follow market trends and avoid the risks associated with counter-trend operations.

In this rapidly changing market, staying vigilant and adaptable is key. Investors should continuously monitor market dynamics, understand the flow of funds, and adjust strategies based on real-time conditions. At the same time, it is important to remember the high-risk characteristics of the encryption currency market and to manage risks effectively.

'alt season' reflects the cyclical nature of the cryptocurrency market and changes in investor psychology. It is not just a market phenomenon, but a window into understanding the dynamics of the entire encryption ecosystem.