According to Milk Road's Twitter coverage of Bitwise CIO Matt Hougan at Consensus 2025, the current crypto bull market displays stronger fundamentals compared to the 2021 cycle, with increased institutional participation and improved market infrastructure cited as core drivers (source: @MilkRoadDaily). Hougan emphasized that although an altcoin season is expected, traders will need to be much more selective than in 2021 due to a more discerning capital flow and higher focus on quality projects (source: @Matt_Hougan, @consensus2025). This suggests that broad-based rallies among lower-cap tokens are less likely, and active portfolio management will be crucial for outperformance. Crypto traders should monitor sector rotation and prioritize projects with robust fundamentals as the market matures.