Why Can't the 2025 Bitcoin Bull Market Drive Altcoin Season?

In 2025, Bitcoin surged to a new high of $120,000, yet the cryptocurrency world has lost its usual excitement — there are no 'get-rich-quick screenshots' circulating in social media, and trading groups are unusually quiet. Most altcoins that once joined in the revelry now lie dormant, as if 'altcoin season' has become a thing of the past.

It's not that they haven't risen; the gameplay has simply changed. First, retail investors have lost their confidence: in March and December 2024, Bitcoin reached new highs, and altcoins followed suit for a week or two. However, whenever Bitcoin corrected, the altcoins crashed, with many coins dropping lower than before the rise. After two instances of 'pumping and trapping', by the time 2025 truly breaks out, retail investors are already 'scared' and unwilling to make moves, causing the market to fail to heat up.

More critically, the nature of the capital has changed. Previously, the main players in the crypto market were speculative investors who would transfer the profits from Bitcoin into altcoins for higher returns, creating a 'capital overflow'. But now, the entrants are institutions — pension funds and Wall Street giants are buying Bitcoin through ETFs, treating it as 'digital gold' for long-term holding, completely ignoring altcoins that lack consensus and liquidity. Money is only flowing into Bitcoin and Ethereum, with no signs of moving towards altcoins.

Some say 'altcoin season has changed locations': from October 2024 to January 2025, the primary market was bustling, with early projects like A16Z enabling some individuals to turn a few hundred dollars into over a hundred thousand dollars; 'Trump coins' have drained the last bit of liquidity, as all funds chase new concepts, leaving older altcoins neglected.

The altcoins that are likely to rise in the future will probably fall into two categories: first, those like SOL, LTC, and ADA that have passed ETF reviews and have regulatory backing; second, meme coins that rely on community sentiment and can capitalize on short-term excitement. Other altcoin projects have long overstretched their credibility, painting a picture of 'application landing' for many years, yet few have materialized, leading retail investors to lose faith.