Why hasn’t the copycat season returned yet, and how should investors respond?

1. Reasons for the disappearance of the alt season: market project saturation, oversupply of tokens, increased market intelligence, the emergence of Bitcoin ETFs, and the impact of the special environment of the COVID-19 pandemic.
2. Project saturation and token dilution make the alt season unsustainable.
3. The increased adoption rate in traditional fields has made the market more sensitive, and it takes more effort to find opportunities.
4. Bitcoin ETF has changed the landscape of altcoins, and the path for investors to turn to Bitcoin is no longer direct.
5. User response strategies: pay attention to FDV and saturation rate, ETF development, comparison with Bitcoin valuation, and strive to improve knowledge, skills, and connections.