In 2025, Bitcoin once again set a new historical high, but failed to ignite the enthusiasm of the entire Crypto Assets market as usual. This phenomenon has raised many questions among investors: Why didn't this time's Bitcoin rise trigger the so-called "alt season"?

Looking back, whenever the price of Bitcoin skyrocketed, the entire Crypto Assets community would be engulfed in a wave of jubilation. Social media would be filled with various stories of sudden wealth, and small altcoin projects would take turns showcasing astonishing rises. However, this bull market in 2025 presents a different picture. Despite Bitcoin breaking through the $120,000 mark, most other Crypto Assets have performed sluggishly, failing to keep pace with Bitcoin.

There are several reasons for the current situation. Firstly, investors seem to have learned lessons from the experiences of 2024. In March and December of last year, Bitcoin surged twice before quickly retreating, causing significant losses for many who chased the highs. This experience has made many more cautious in the face of a new wave of rise in 2025.

Secondly, the behavior patterns of market participants have changed. The past "manipulator" actions have left many retail investors feeling apprehensive. They have realized that the rise of Bitcoin may be a strategy of major capital players, aimed at attracting attention and unloading at high prices. This awareness has led investors to no longer blindly follow trends, but rather to view market changes more rationally.

In addition, the overall maturity of the Crypto Assets market is also improving. Investors are beginning to pay more attention to the actual value and application prospects of projects, rather than simply chasing short-term rises. This trend makes it difficult for projects lacking substantial content to gain favor in the market.

Overall, the absence of "alt season" against the backdrop of Bitcoin's new highs in 2025 reflects that the Crypto Assets market is undergoing a transformation period. Investors have become more mature and cautious, and the market focus has shifted from short-term speculation to long-term value. This may indicate that the Crypto Assets ecosystem is evolving towards a healthier and more sustainable direction.