📉MARKETS: "ALTSEASON IS DEAD" SAYS DWF LABS MANAGING PARTNER DWF Labs Managing Partner Andrei Grachev says traditional altcoin season is a thing of the past. Too many tokens competing for limited capital, fewer market participants, and ETF liquidity traps are killing broad altcoin rallies. Over $209 billion has exited the altcoin market in the past 13 months, and 38% of altcoins are near all-time lows — worse than the post-FTX crash. Grachev warns the market is shifting to shorter narrative windows, more violent rotations, and zero room for weak projects to survive on hype alone.