According to online reports, Bloomberg reported that for most senior crypto traders, the "copycat season" is almost a step-by-step cycle. First, the rise of Bitcoin has triggered a new round of market attention to digital assets. Money flowed into the dominant cryptocurrency, while interest in "altcoins" gradually waned. Traders began to look for higher returns elsewhere, and new stories and narratives emerged. Funds were then rotated into underperforming currencies, bringing excess returns, which is why speculators coined the term "copycat season" during the 2017-2018 bull market. On July 14, driven by the enthusiasm of "Crypto Week", Bitcoin reached a new historical high and entered a narrow trading range. Influential figures and investors in digital assets called Ethereum's breakthrough and the long-term downturn in the NFT sector. The rebound is a turning point. However, this cycle has been more of an intermittent than a full-blown altcoin boom. XRP has surged more than 60% since early July, but fell another 11% on Wednesday. Many of the most popular altcoins belong to a token category known as "low liquidity, high fully diluted valuation (FDV)." Such tokens typically have highly fully diluted valuations of billions of dollars, but a closer look at their token allocation reveals that only a small proportion of the tokens can be freely traded. This often makes these tokens more vulnerable to market manipulation. These factors usually come into play late in the typical shanzhai season-when speculation peaks, market fatigue intensifies, and prices tend to reverse. Although this pattern is now easily recognized by most crypto traders, hope remains.