📉 Why the "altseason" didn't happen in 2025

The market is undergoing a structural shift, which is why the classic "altseason," when capital flows from Bitcoin to altcoins, did not materialize. Here are the key reasons, supported by data:

· Institutional money has taken a different path: The main flow of capital from institutional investors has not gone into altcoins, but into Bitcoin spot exchange-traded funds (ETFs) and shares of companies that are building cryptocurrency reserves (DAT projects). The volume of crypto-ETFs has exceeded $175 billion, and together with the balances of DAT companies, institutions control about 10% of all Bitcoins and ethers in circulation. This capital has largely bypassed altcoins.

· Retail investors have changed their habits: Traditionally active buyers of altcoins, retail investors (especially from South Korea), have shifted their focus to the same shares of crypto companies and ETFs. Analysts from 10x Research estimated that due to this, the market capitalization of altcoins missed out on about $800 billion.