For months, crypto traders have been waiting for the kind of explosive altcoin rally that has historically followed Bitcoin’s biggest breakouts.
This time, however, the market isn’t playing by the old rules — and the long-anticipated “alt season” has yet to arrive.
Instead of seeing capital flow from Bitcoin into smaller, higher-risk tokens, market dominance for BTC has remained unusually high. Analysts say this is a direct result of institutions reshaping the cycle by concentrating on Bitcoin exposure, particularly through spot ETFs, rather than diversifying heavily into altcoins.
A new study from Bybit and Block Scholes points out that this structural shift is delaying — and potentially muting — the traditional altcoin boom.
Even after Bitcoin set multiple new records, altcoins have managed only modest gains, far short of the broad rallies seen in earlier post-halving years.
Ethereum’s performance is another red flag for those hoping for a repeat of previous cycles. In past bull runs, ETH often acted as the starting gun for altcoin season, rapidly expanding its share of the total crypto market.
This time, its relative dominance remains subdued, signaling a lack of momentum for the broader sector.
Still, the picture isn’t entirely bleak. The report suggests that if regulators approve staking-enabled Ethereum ETFs, a smaller, more selective rally could emerge — one led by stronger, institution-friendly projects rather than a wave lifting all altcoins.
In other words, the next altcoin season may be more targeted and less frenzied than the glory days of past cycles.
Source: https://coindoo.com/why-the-2025-altcoin-season-still-hasnt-arrived/