In a recent YouTube stream, data aggregator CoinGecko noted that altcoins have been in a slump for a long time.
The platform also analyzed past cycles, highlighting a recurring pattern: capital always rotates from Bitcoin to Ethereum and then to other altcoins once Bitcoin reaches a new all-time high (ATH).
Bitcoin’s all-time high of $126,000 is over, but altcoins are still in the gutter.
However, the current market does not follow past patterns. Bitcoin reached its ATH of $126,000 in October 2025, yet altcoins have still failed to outperform.
This pattern change is mainly due to the approval of exchange-traded funds (ETFs) and other related products approved in 2024. In perspective, money is coming in in the new cycle, but mainly from institutions via ETFs, and “continues to remain concentrated in Bitcoin.”
So now that the largest concentration is in the hands of Spot Bitcoin ETFs, the altseason seems like a far-fetched dream.
CoinGecko brought up this discrepancy, noting:
It doesn’t trickle down into smaller tokens like it used to in retail.
The weight of the situation
The CoinMarketCap Altcoin Index, which stood at 32 at the time of reporting, further suggests that Bitcoin season is still in action.
However, others in the crypto community still believe that altcoin season “is just around the corner.”
If altcoin season is actually going to happen, Bitcoin’s dominance should weaken. Moreover, the top 10 altcoins trending in 90 days should include big names like Dogecoin, Solana, and Cardano.
This was further confirmed by Santiment’s Weighted Sentiment analysis. The chart clearly shows that Bitcoin is the only token with a positive weighted sentiment, while other altcoins are below 50 levels in the negative zone.
But the RSI of all tokens, including Bitcoin, being below the level of 50, also known as the neutral level, suggests that the overall market sentiment is in the hands of the sellers.
This was further confirmed by AMBCrypto’s recent analysis, which also suggests that analysts are in favor of an altseason, but the on-chain data looks pessimistic.
Final summary
- CoinGecko believes that altcoins are in the “gutter” after Bitcoin hit an ATH in October 2025.
- However, hopes for an upcoming altseason remain strong among investors.