Data aggregator CoinGecko has highlighted that the cryptocurrency market cycle has broken from its historical pattern. Bitcoin reached a new all-time high of $126,000 in October 2025, but capital has not rotated into Ethereum and altcoins as in previous cycles. CoinGecko attributes this shift to institutions investing primarily in Bitcoin via Spot ETFs, stating retail flows no longer trickle into smaller tokens. While some investors believe an altcoin season is imminent, sentiment and on-chain data currently remain pessimistic.
In a recent public analysis, data aggregator CoinGecko noted that altcoins have remained in a sustained slump. The platform highlighted a recurring pattern in previous cycles where capital always rotated from Bitcoin into Ethereum and then into other altcoins after Bitcoin hit a new all-time high.
“Bitcoin’s all-time high of $126,000 has come and gone, but altcoins are still in the gutter.” The current market has not followed this historical pattern despite Bitcoin reaching its peak months ago. This change is notably attributed to the institutional capital flowing into Spot Bitcoin ETFs.
CoinGecko brought up this discrepancy, stating, “It doesn’t trickle down into smaller tokens the way retail flows used to.” The CoinMarketCap Altcoin Index was at a low value of 32, further suggesting Bitcoin dominance continues.
Many in the crypto community still believe an altcoin season is imminent, as indicated by social media sentiment. For a true altcoin season to occur, Bitcoin dominance would need to weaken and major altcoins like Dogecoin, Solana, and Cardano would need to lead gains.
Santiment‘s Weighted Sentiment analysis confirms Bitcoin is the only token with positive sentiment, as others are deeply negative. The RSI for all tokens remains below the neutral 50-level, indicating the overall market sentiment leans toward sellers. Another recent analysis suggests analysts are hopeful for an altseason, but on-chain data remains pessimistic.
