On-chain data platform Santiment shows:

Altcoin Social Discussion Index is only 33

However, it reached as high as 750 in July 2025

It has almost evaporated.

At the same time, the search popularity of 'altcoins' in Google Trends is only 4, indicating that market attention is rapidly cooling.

Currently, the Altcoin Season Index on CoinMarketCap is about 34/100, still in a typical 'Bitcoin Season' phase.

In simple terms:

The market is not in an altcoin season now, it's 'BTC season'.

Why has the altcoin season suddenly become so cold?

The core reasons are actually only three:

1️⃣ BTC is sucking away liquidity

Current market funds are obviously concentrated in BTC.

Institutional funds, ETF funds, and even large capital safe-haven assets are all in BTC.

And altcoins tend to be high β assets.

It will only explode when BTC is sideways or when there is capital overflow.

2️⃣ The quality of altcoin projects is severely differentiated.

In the last cycle, many narrative projects started to fall behind, such as:

Layer 2 track

OP

ARB

STRK

These tokens have a very high FDV + huge unlocking pressure.

The market is gradually becoming unwilling to pay for 'narratives'.

3️⃣ Funds are only concentrated in a few leading ones.

The market is currently showing a very obvious phenomenon:

Only a few altcoins are rising.

For example:

AI narrative

TAO

FET

RNDR

High-performance public chains

SOL

SUI

Established mainstream

ETH

XRP

The vast majority of other altcoins:

There is almost no liquidity.