Disagree with some of this. There are quite a few new entrants in this cycle as a matter of fact, but the problem for alt season enjoyers is that they are not the kind of blood that rotates out the shitcoin risk curve at the end of Bitcoin's run, as in past cycles. These new entrants are insto types who trade the ETF and don't care about memes. While cryptonatives genocided each other in the trenches for twelve months, Bitcoin joined the tradfi varsity team.