Key Highlights
- Bitwise CIO said Altcoin seasons are changing, with only tokens tied to real adoption or business use likely to rise.
- Social media talks and Google searches for altcoins are at their lowest since early 2024.
- Bitcoin, Ethereum, tokenized gold (XAUT), and on-chain platforms saw increased activity, especially during global events.
The time when almost all altcoins rise together may be ending, according to Matt Hougan, Chief Investment Officer at Bitwise.
In a recent interview, he said the crypto market is moving toward a new kind of altcoin season. Instead of all tokens rising at once, only a small group with real-world use or business adoption is likely to grow. Investor interest in altcoins has dropped a lot, and online talks about them are at their lowest since early 2024.
Hougan said, “I think that game is over,” referring to the old way where rising money lifted almost every token. Right now, Bitcoin is taking most of the attention, while other cryptocurrencies see less interest.
Investor attention shifts away from altcoin
According to Data from Santiment, a crypto analytics platform, the social dominance of altcoins dropped to 33 for the week ending February 27. Google searches for “altcoins” also went down to just 4 in February, compared to 100 in August 2025. In the past, high online chatter often made tokens like Dogecoin rise quickly.
Low chatter sometimes marked market bottoms. Santiment said low social activity can sometimes signal a new rally starting, or a chance to buy at low prices. Hougan explained that future gains will go to projects with real adoption, revenue, or useful technology, instead of hype-driven coins. He added that investors might start looking more closely at tokens connected to big companies.
Altcoin Season Index suggest caution
At the same time, the Altcoin Season Index is around 37, still below the 75 needed to confirm a full altcoin season. Meanwhile many traders are waiting for Bitcoin to go higher before buying altcoins. Currently, Bitcoin is trading at about $70,604 now, up from February lows near $60,000.
Meanwhile BitMEX co-founder Arthur Hayes confirmed the sentiment. During an interview in December 2025, he said altcoin seasons won’t look like they did before, adding, “[If you’re] always saying altcoin season isn’t there, [it’s] because you didn’t own what went up.”
Global event is boosting crypto activity
Even with doubts about altcoins, crypto use is growing in some areas. Hougan said recent tensions in the Middle East made investors turn to on-chain finance. He said, “For most of Sunday, on-chain finance was the center of the financial world. It was the first time I remember crypto-enabled markets being ‘the market,’ full stop.”
Platforms like Hyperliquid saw more trading, especially in futures for crypto and commodities. Tokenized gold, XAUT, traded over $300 million in 24 hours. Bitcoin, Ethereum, and prediction markets like Kalshi and Polymarket also saw more interest.
Hougan concluded that if an altcoin season happens, it will be “more differentiated than previous altcoin seasons.” Only tokens with real adoption or business value are likely to rise, while hype-driven altcoins may not move much.
Also Read: Malta Court Upholds Rights of Crypto Trader in €700K Fraud Case
