Alt season was supposed to be a reward for patience and faith in the cryptocurrency market. It was meant to come after further increases in Bitcoin and Ethereum. Instead of euphoria, however, there was fatigue, frustration, and growing fear.
Investor sentiment is increasingly deteriorating. A loud comment from Ash Crypto and data presented by Coin Bureau show that the cryptocurrency market has reached a critical point. The alt season, which for years seemed like a market promise, is now seriously questioned.
Altseason as an unfulfilled promise of the market
Ash Crypto, a well-known trader and commentator on the cryptocurrency market, in an emotional post summarized the experiences of many investors. For years, they held altcoins, believing in the repeatability of market cycles. They treated every drop as accumulation. Every delay as a test of patience. Ash Crypto emotionally shared:
“Years of holding. Years of faith. Years of saying ‘the next cycle will be different’.”
Meanwhile, the facts are brutal. Bitcoin has risen 8.5 times from the low of $15,400. Ethereum has grown 5.5 times from around $900. Meanwhile, gold and silver have set new historical records. However, altseason has not arrived.
As analyst Ash comments, capital has not rotated from Bitcoin to altcoins. Moreover, there has been no phase of mass speculation. There was no moment when “alts got their turn.” Instead, the market entered another reset at the end of the year. Ash Crypto added:
“But here we are. Another end of the year, another reset. We are still waiting. No euphoria, no rotation, no moment when altcoins finally get their turn. The conviction is now exhausting and frustrating. And this community is asking the same question: Have we waited too long… or was the promise never true?”
According to Ash Crypto, this is the worst fourth quarter in seven years. Moreover, the current situation undermines the sense of the four-year cycle. More and more investors are asking themselves whether this structure still works. Or whether it was ever a guarantee.
Extreme fear and detachment from fundamentals
The second significant signal is sentiment data. Coin Bureau, one of the largest educational cryptocurrency accounts, reported a sharp drop in the Crypto Fear & Greed Index. The index reached a level of 17, indicating “extreme fear.” Historically, such values have appeared during moments of strong uncertainty. They often accompanied local lows. At the same time, they never guaranteed an immediate rebound.
In this context, however, a voice contrary to the dominant narrative emerges. Rekt Fencer, a trader and market commentator, notes that altseason usually begins when the majority stops believing in it. In his opinion, the current sentiment from Q4 2025 perfectly fits this pattern.
Nonetheless, Ash Crypto points out one more aspect regarding altseason. The cryptocurrency market has decoupled from other asset classes. Since the October crash, it has not reacted to good news. Positive macro data does not help. Gains in the stock markets and gold records do not matter. The trader noted:
“But honestly, nobody knows at this stage because the market has decoupled from stocks, gold, and all other assets since the crash on October 10th. No bullish news can influence the market, no matter how bullish it is. We have the BEST fundamentals I have seen in the history of cryptocurrencies, but the charts do not behave as if they are, because they are heavily manipulated.”
According to the commentator, the problem is manipulation and dominance of algorithms. The fundamentals are the best in the history of cryptocurrencies. Regulations are progressing. Institutions are present. Nevertheless, the charts remain dead.
What’s next for the cryptocurrency market?
The scenarios today are extreme, and perhaps cryptocurrencies will catch up to stocks and precious metals in 2026. Ash Crypto points to a possible altseason in Q1–Q2 2026. This is expected to coincide with the end of QT, the beginning of soft QE, and further interest rate cuts.
The alternative is much less optimistic. Traditional markets may experience a sharp correction. Then they will ‘catch up’ with cryptocurrencies. One of these events seems inevitable.
The altseason that did not come has become a symbol of the crisis of faith in the cryptocurrency market. Extreme fear dominates the narrative, and investors' patience is being tested. For market observers, this is a moment requiring cool analysis, not blind hope. Right now, emotions say the most about where the market really stands.
To read the latest cryptocurrency market analysis from BeInCrypto, click here.
