On a big picture scale, this graphic is playing out to the tee, just not the way everyone wants it to
Phase 1: Bitcoin did 20k -> 120k (2023 - 2025)
Phase 2: ETH did 1.5k -> 5k (Q3 2025)
Phase 3: ZEC up 400%, TAO up 50%, ICP up 7.5%, STRK up 20%, all after a huge liquidation (now)
When people say altseason, they think of the wild pumps of 2017 and 2021
The flow of money is playing out, but this time there is too little money and too many alts meaning that the "path to altseason" can still play out, but the gains will be underwhelming to most
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