10x Research: The absence of the copycat season is difficult to support the continuation of the rally due to the lack of a new narrative and the pressure to unlock a large number of tokens

BlockBeats News: On June 3, 10x Research published an article saying that while Bitcoin continues to hit new all-time highs and attract a lot of institutional money to enter the market, altcoins are still standing still, constrained by continuous token unlocking and the lack of a new narrative. The old playbook, once hyped and leveraged, no longer works against the backdrop of 4.5% Treasury yields. Even Ethereum has quietly entered the stage of "staking for modest returns". It doesn't take much money to drive altcoins skyrocketing, and a few large buy orders can easily leverage a low-liquidity market. But the question is how to sustain the rally. This requires broader retail participation, and that's the real challenge. Over the past year, there have been repeated rumors on crypto Twitter that altcoins are about to explode season, and the so-called "banana zone" has been hyped. So far, however, this narrative has not been fulfilled. Despite the repeated excitement in the market, we have yet to see the key elements underpinning this type of market.