Altcoin Season Officially Begins: Bloomberg Analyst

Key Notes

• Corporate treasuries like Bitmine and BNB Network are fueling fresh momentum in altcoins.
• Pending ETF approvals could accelerate capital inflows into diversified altcoin products.
• Bitcoin dominance has dropped to 55%, signaling a rotation into altcoins.

Bloomberg ETF analyst James Seyffart has suggested that the long-awaited altcoin season is finally underway, driven less by retail speculation and more by corporate treasuries and institutional capital.

In a recent discussion with Milk Road, Seyffart noted that Digital Asset Treasury Companies (DATCOs) have been at the center of this rotation, fueling much of the current momentum.

Treasury Moves Spark Altcoin Rally

Institutional activity has picked up significantly in recent weeks. Tom Lee’s Bitmine added another $167 million worth of Ethereum

ETH
$4 410



24h volatility:
0.1%


Market cap:
$531.48 B



Vol. 24h:
$31.00 B

to its balance sheet, its second major purchase in just two days.

Nasdaq-listed BNB Network Company also boosted its Binance Coin

BNB
$849.4



24h volatility:
0.1%


Market cap:
$118.23 B



Vol. 24h:
$823.47 M

reserves by $33 million, raising its total holdings to 388,888 BNB (worth roughly $330 million). This makes it the largest corporate BNB holder globally.

These treasury-driven allocations have so far outperformed their rivals, many of which remain well below their past cycle highs. 

While Seyffart does not anticipate single-asset altcoin ETFs attracting inflows on the same scale as Bitcoin ETFs, he sees greater potential in multi-asset products that diversify exposure across several cryptocurrencies.

ETF Pipeline Builds Momentum

A growing list of crypto ETF applications is now awaiting SEC approval, covering assets like Dogecoin

DOGE
$0.22



24h volatility:
0.5%


Market cap:
$32.73 B



Vol. 24h:
$1.38 B

, Chainlink

LINK
$22.84



24h volatility:
1.9%


Market cap:
$15.49 B



Vol. 24h:
$979.33 M

, Stellar

XLM
$0.36



24h volatility:
0.9%


Market cap:
$11.51 B



Vol. 24h:
$174.76 M

, Bitcoin Cash

BCH
$595.2



24h volatility:
1.2%


Market cap:
$11.86 B



Vol. 24h:
$354.02 M

, Avalanche

AVAX
$24.84



24h volatility:
0.6%


Market cap:
$10.49 B



Vol. 24h:
$507.06 M

, Litecoin

LTC
$113.1



24h volatility:
1.6%


Market cap:
$8.62 B



Vol. 24h:
$386.54 M

, Shiba Inu

SHIB
$0.000012



24h volatility:
0.6%


Market cap:
$7.25 B



Vol. 24h:
$151.76 M

, Polkadot

DOT
$3.83



24h volatility:
1.2%


Market cap:
$5.83 B



Vol. 24h:
$157.15 M

, Solana

SOL
$206.3



24h volatility:
1.0%


Market cap:
$111.62 B



Vol. 24h:
$5.92 B

, and Hedera

HBAR
$0.22



24h volatility:
2.1%


Market cap:
$9.31 B



Vol. 24h:
$198.44 M

. 

Will Crypto ETF Flows Trigger the Next Altseason? w/ @Bloomberg Senior Analyst @JSeyff $BTC had its ETF moment.

Now $ETH getting one.

But what happens when $SOL, $XRP, and $DOGE get theirs?

James explains the ETF roadmap and who’s already first in line.

Tune in to know more… pic.twitter.com/dflaAYWofb

— Milk Road (@MilkRoadDaily) September 4, 2025

Demand may not rival that of Bitcoin ETFs, but basket-style products are expected to capture meaningful institutional interest with any one of them being the next crypto to explode in 2025.

It is likely that crypto is going through a structural shift where institutional investors increasingly prefer diversified exposure rather than concentrating risk in a single token, which may change altseasons.

Bitcoin Dominance Signals Market Rotation

Another indicator supporting this thesis is Bitcoin

BTC
$112 232



24h volatility:
1.1%


Market cap:
$2.23 T



Vol. 24h:
$42.79 B

dominance, which has fallen from 65% to 58%. The decline suggests capital is rotating from Bitcoin into higher-risk altcoins such as Ethereum and Solana. 

Historically, dominance falling below 40% has coincided with explosive altcoin rallies, leaving considerable room for expansion if market conditions remain favorable.

Technical Outlook: TOTAL3 Chart

The TOTAL3 chart (crypto market cap excluding BTC and ETH) shows a tightening structure between rising trendline support and horizontal resistance near $1.15 trillion. The market is currently valued at around $1.04 trillion.

TOTAL3 chart with a tightening structure | Source: TradingView

A breakout above $1.15 trillion could open the door to $1.35 trillion in the near term, with further upside possible if ETF approvals progress.

On the other hand, the failure to hold trendline support near $1 trillion risks a retest of $930 billion–$950 billion, which could delay the altseason narrative.

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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

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