10x Research: Altcoin Season Absent Due to Lack of New Narratives and Pressure from Large Token Unlocks

June 3 news, 10x Research stated that despite Bitcoin continuously reaching new all-time highs and attracting significant institutional funds, altcoins remain stagnant, hindered by ongoing token unlocks and a lack of new narratives. The old playbook driven by hype and leverage no longer works in the context of a 4.5% U.S. Treasury yield. Even Ethereum has quietly entered a phase of "staking for moderate returns." It doesn't take much capital to drive a surge in altcoins; a few large buy orders can easily move the low-liquidity market. However, the challenge lies in maintaining the momentum. This requires broader retail participation, which is the real difficulty. Over the past year, the narrative of an impending altcoin season has repeatedly surfaced on crypto Twitter, with the so-called "banana zone" being hyped. Yet, this narrative has yet to materialize. Despite market sentiment being repeatedly stirred, we have yet to see the key elements that support such a trend emerge.