#美联储恢复降息进程 The end of this wave of market trends is indeed interesting. If the Fed really resumes interest rate cuts in December, liquidity expectations will significantly improve, which is a good signal for risk assets. $BTC and $ETH , as market barometers, often react first.

What is more worth noting is the technological progress of the Ethereum ecosystem. Recently, the performance improvements of several Layer 2 solutions are quite obvious. After the gas fees have decreased, the on-chain activity has indeed started to rebound. Historical experience tells us that whenever mainstream cryptocurrencies stabilize their fundamentals, funds tend to start rotating towards small-cap projects.

However, that being said, the concept of the season of copycat tokens now depends on the situation. Not all small cryptocurrencies will rise together; projects with actual application scenarios and continuous development by their teams have a greater chance. Blindly chasing after those purely speculative targets carries significant risks. Market cycles are an objective reality, but selecting targets still relies on fundamentals.