I observed this too but this seasons is a kind of deviation from what we have seen in the past about cryptocurrency in general. This is definitely the reason people are beginning to wonder when altcoin season will be because as Bitcoin have remained the only. It simply means that Trump is unable to fine a way to make altcoin season come despite the efforts he made and even lauunvhem yet no success. Maybe launching of ETF in ETH and other cryptocurrency will attract more investors to altcoins and we might see some changes in that regards.
I'm starting to believe that there won't be one. I'm holding a few different altcoins on Binance, most of them were acquired through airdrops or launchpools and when they were first introduced in the market, they were worth a substantial amount of money. However, their value just keeps dropping, and yes, they are likely a bunch of shtcoins, but this doesn't only apply to those I'm holding, but even in major altcoins that have been on the market for years. This has led me to believe that we won't see a major, or any, altcoin season anytime soon, with hopes to recoup some of their value slowly fading away.