Wintermute's Insight: Altcoins NOT IN SEASON—only explode when BTC is near ATH? (Week 2 - November 2025)
Crypto Market Report – Week 2, November 2025. Source: Wintermute
Quick Summary
Sentiment improves after market positioning is 'reset', selective money returns to risk.
Activation conditions for altcoins: History shows that altcoins only explode when BTC approaches the old peak; currently BTC is still ~mid-teens % away from ATH, so the rotation to alt has not truly activated.
The next volatility factor may come from policy & politics in the US rather than from market positioning.