Old players understand, in the past, once Bitcoin surged, the altcoin season would be as lively as New Year celebrations.
The group would be filled with screenshots: doubling, tenfold, hundredfold; air coins could ride a rocket, as if anyone buying a coin could become rich.
But in this round of bull market in 2025, Bitcoin skyrocketed to $120,000; what about altcoins? Most seem to be asleep, lying on the ground without moving.
Someone asked: Is the altcoin season completely over?
It's actually not.
The truth is just one sentence: the way to play has changed, and the nature of money has changed.
Nostalgia: The dealer harvested twice
In March and December last year, Bitcoin peaked twice, and during that time, altcoins also had a brief hype, and the brothers in the group thought 'the bull market has really arrived.'
What was the result?
As soon as Bitcoin corrected, altcoins immediately crashed, with prices lower than before, and retail investors' psychology exploded.
These two rounds directly harvested retail investors' enthusiasm and confidence clean.
So this year, even if Bitcoin breaks new highs, the market remains cold and quiet. The groups aren't exploding, and there are no 'doubling reports' in friend circles; retail investors are starting to learn and dare not easily go all in.
Funding structure: From speculative funds to institutions
In the past market, speculative funds and retail investors were the main forces. When Bitcoin rose, everyone used profits to speculate on altcoins, with excitement all around.
But now, ETF funds, pension funds, and hedge funds have all come in.
The logic of these institutions is very simple:
👉 Don't touch air coins
👉 Don't touch small market caps
👉 Only those with large consensus and strong liquidity — Bitcoin, Ethereum
For them, altcoins are too small, too virtual, and too risky; they have no interest at all.
The result is: money is locked in mainstream coins like BTC/ETH, so naturally, altcoins cannot thrive.
The altcoin season has changed its place
However, someone is right: the altcoin season isn't gone, just moved to a different stage.
Last year's primary market had already experienced a small climax.
A16Z and PUNT's invested projects, early bird tickets of several hundred USD turned into tens of thousands, even over a hundred thousand USD.
Then look at 'Trump's coin', which sucked away the last bit of market liquidity, leaving traditional altcoins neglected.
So don't fantasize about the glory days of 'all coins rising together'; that era is over.
So, where are the opportunities?
If you still want to seize opportunities, the future is likely concentrated on two lines:
1️⃣ Coins backed by ETFs — like ADA and SOL, institutions are willing to buy, and funds will flow in.
2️⃣ Meme coins — entirely driven by emotions and communities; although stimulating, they have strong short-term explosive power.
Those old altcoins he has been shouting about for years, without new stories or new money, shouldn't be foolishly held onto anymore.
Finally, let me say something heartfelt
The logic of the crypto circle has changed.
In the past, relying on 'national celebration' to fool people; now it's 'institution-led', and retail investors either learn to go with the trend or will continue to be the fodder.
There are always opportunities in the market, but opportunities won't automatically run to your bowl.
Brothers, following the right people and walking the right path is a thousand times better than blindly gambling.
🚀 I will continue to share firsthand hot topics and potential coins, helping everyone avoid pitfalls and seize real opportunities for 5x and 10x gains.
Don't go it alone. Keep up with the rhythm and truly profit in this bull market together.
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