10x Research: The absence of the knockoff season is due to a lack of new narratives and pressure to unlock a large number of tokens, making it difficult for low liquidity to sustain the upward trend

According to BlockBeats news, on June 3rd, 10x Research published an article stating that despite Bitcoin continuously reaching historical highs and attracting a large amount of institutional funds, altcoins are still stagnant, constrained by continuous token unlocking and a lack of new narrative suppression. The old script that was once driven by speculation and leverage is no longer effective in the context of a 4.5% US Treasury yield. Even Ethereum has silently entered the stage of "staking for moderate returns". Pushing the rise of altcoins doesn't actually require too much capital, just a few large purchases can easily leverage the low liquidity market. But the problem is how to maintain the upward trend. This requires broader participation from retail investors, which is the real challenge. In the past year, there have been repeated rumors on encrypted Twitter that altcoins are about to enter an explosive season, and the so-called "banana zone" has been constantly hyped up. But so far, this narrative has never been fulfilled. Although market sentiment has been repeatedly stimulated, we have yet to see the emergence of key factors supporting such a market trend.