More and more projects are visibly approaching TGE, but the fundamental market for Altcoins seems to have not improved significantly: 1) Ethereum is still at a low level and has not effectively launched a new Altcoin season, with uncertain growth potential, but the sentiment must be in place, at least waiting for the technical narrative led by Ethereum to return to its position; 2) Launching TGE under various negative buffs such as liquidity drought, technical narrative scarcity, and lack of airdrop reputation effects is an unavoidable move for project teams, but from another perspective, projects that have the courage to issue tokens during market low points and subsequently develop are much more reliable than those waiting for liquid market conditions; 3) The stark contrast between Bitcoin's solo performance and Altcoins' decline has been extreme, but one cannot expect to rely solely on Bitcoin's spillover effect to rescue the Altcoin market. Altcoins need to complete self-validation of intrinsic value from the void of narrative and break free from the past mode of pure speculation without delivery or product-market fit.