Emre Yumlu 
The crypto market faced another wave of selling pressure this week. Led by Bitcoin’s decline, major altcoins such as Ethereum, Solana, and Avalanche dropped below key support levels. This downturn has sparked an important question for investors: Is the highly anticipated 2025 altcoin season over before it even began?
Altcoin Season Index Holds Strong – But How Reliable Is It?
Despite the selloff, the Altcoin Season Index remains at 67 points. Historically, this level has often signaled periods where altcoins outperform Bitcoin. However, analysts caution that the index may not fully capture the unique dynamics shaping the 2025 cycle.
Bitcoin Dominance and Market Hierarchy
Experts argue that the underperformance of altcoins is not due to weak fundamentals but rather a temporary liquidity rotation toward Bitcoin. Crypto strategist Cowen commented, “Dominance is forming a low and is likely to rise as we move into October.”
Historically, altcoin rallies tend to occur only after Bitcoin dominance peaks. This suggests that the current trend is not a collapse but a natural sequence of bottom formation:
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Bitcoin establishes the floor first,
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Large-cap altcoins follow,
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Finally, mid-cap tokens join the recovery.
ETFs and the Role of Regulation
One of the key factors expected to shape market trends in 2025 is the inflow of institutional capital through ETFs. According to Bloomberg ETF analyst James Seyffart, more than 100 new crypto ETFs could launch in 2025 under the Rule 6c-11 framework. Such inflows would provide meaningful support not only for Bitcoin but also for leading altcoins like Ethereum and Solana, reinforcing the cyclical rotation in the market.
Is Altcoin Season Really Over?
The much-discussed altcoin season appears delayed, not canceled. Analysts emphasize that once Bitcoin consolidates its base and regains momentum, altcoins are likely to follow with a strong and sustained rally. For now, altcoin season in 2025 seems to be waiting in the wings, rather than off the table entirely.
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