Bull Market Season Fails to Materialize: Capital Dilution and Market Dynamics Analysis Gate News Robot Message, many people expected a altcoin season last year, but it ultimately did not happen. Although some major coins including $BNB, $SOL , and $HYPE reached new highs, most tokens have now fallen by 40-50%. The main reason is believed to be capital dilution, as new narratives continuously emerge in the market. The absence of the anticipated altcoin season contrasts with early market expectations, with most altcoins experiencing significant declines from their highs.