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 typically show Bitcoin rising followed by a rotation of funds into altcoins, driving an overall bullish trend. However, the current cycle is more characterized by structural weakness and increased divergence among altcoins. Reviewing the cycle trends reveals 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 de-leveraging and valuation reversion for alt assets, rather than a traditional full-scale altcoin bull market. In the short term, the market may continue to show divergence, and the structural downside risks have not yet been fully realized.