The expectations of the altcoin season have clashed with investors’ behavior. According to data, altcoins are currently seeing selling pressure as investors are washing their hands away from the tokens. According to the data, the altcoin season is nowhere near, despite evidence in previous years highlighting a rally in June.
Currently, Bitcoin is still close to its peak levels, with no signs of change in sight. Some of the demand for altcoins has also shifted into short ‘degen seasons’ centered around meme tokens. The last true altcoin season was in 2021 when older assets managed to reach new all-time peaks. This time around, an entire array of liquid coins are still drifting sideways, as investors become more selective. Altcoins, excluding Ethereum (ETH), only dominate under 20% of the crypto market capitalization.
CryptoQuant data shows selling pressure since January 2025
According to data from CryptoQuant, altcoins have been experiencing selling pressures since January 2025. While the market is not as low as the last two crypto winter years in 2023 and 2024, there can be no Altcoin shift until there is proper demand to back it up. Competition also comes from another airdrop season and high-profile token sales, where users compete for potential new assets with the chance of rapid gains.
The metric of centralized exchange of buying vs selling shows traders have liquidated $36B from altcoins. Any remaining gains from the late 2024 rally were erased in the first half of 2025, as traders aimed to abandon some of the long-term dead coins. The mix of VC-backed tokens and new, more liquid trading pairs for memes continued to drive down demand. Additionally, some of the activity switched directly to decentralized pairs, with no waiting times for listings.
The altcoin season index remains near lows
According to the altcoin season index, Bitcoin is having its season. The index is at 20 points, meaning even the top 100 coins and tokens are not performing remarkably. Previously, altcoin seasons lasted for weeks or even months. Currently, altcoin rallies are still happening, though within a much shorter time frame. In 2025, there have been calls to rethink what constitutes an altcoin season, and if traders would rush into all assets. Some legacy coins had separate rallies, while others recovered based on utility.
Presently, some of the top performers included Aave (AAVE), trading at $260.22, showing increased demand for DeFi lending. Other projects like Avalanche (AVAX) show increased activity, but their tokens still trade below the 2024 peak. AVAX returned to $17.95, despite near-record daily activity linked to new Web3 games. Bitcoin Cash (BCH) is also breaking out of the pack, trading near a three-month peak at $459.12. The token is seen as risky, potentially erasing its gains.
However, BCH buyers are betting on an asymmetric rally, as the coin is once again regaining its reputation as a Bitcoin alternative. In the longer run, ETF launches are also tracking legacy coins, potentially bringing external demand. Some categories, such as exchange tokens, are often outpacing the market, with outsized rallies in the case of HYPE and WBT.