Not my words or my content, but I agree. In a maturing a market, absent outside mega bullish stimulus that lifts all boats, the pump will be highly selective:
"A full on across-the-board “alt season” is such a meme.
I’ve been banging this drum now for years - The natural path for a maturing market is dispersion. Especially in an already extremely diluted market, with projects already at ridiculous valuations.
There aren’t enough bids to go around, the only thing that changes this would be some exogenous event like covid, where massive stimulus entered all at once.
TLDR, be a better picker, or just slap together a basic systematic trend following toolkit."
https://x.com/TheFlowHorse/status/1873901649523065309