The crypto market hasn't experienced a genuine altseason in over 5 years—worth reflecting on. Last year's run was essentially a meme coin cycle, heavily skewed toward narrative-driven assets rather than fundamental growth. Go back to 2022 and you're looking at a liquidity trap that destroyed retail traders and institutions alike. Only 2021 delivered the kind of explosive growth we're nostalgic for now, when altcoins routinely pulled 50x runs and the entire narrative felt different. Every cycle since has shown distinct characteristics: compressed volatility windows, rotational flows instead of broad participation, and diminishing duration. That's not bearish necessarily—just a reality check on what true altseason actually looks like versus the shorter rallies we're mistaking for it.