The classic altseason pattern, the moment when altcoins explode after a surge in Bitcoin, seems to belong to the past. Despite a bullish market, the dynamics observed during previous cycles are not repeating. An unprecedented redistribution of capital flows is disrupting the rules of the game. The rise of memecoins, extreme volatility, and the growth of institutional investors are profoundly altering the crypto landscape. The current cycle marks a turning point where the old logic of asset rotation gives way to a more pronounced segmentation of the market.