There is analysis that the historic altseason, when altcoins surged in lockstep as Bitcoin strengthened, could disappear structurally. Andrey Grachev, managing partner at DWF Labs, recently said in an interview that the form of altseason we know today may not return, signaling possible changes in market structure. In the ETF era, capital flows have changed. The core reason Grachev cites is a shift in capital flows.
In earlier cycles, Bitcoin’s rise prompted investors to take profits, sending funds into small- and mid-cap altcoins. This process produced a market-wide surge in altcoins, often called an ‘altseason’. Recent remarks from Andrey Grachev, managing partner at DWF Labs, suggest that the traditional altseason may not return in its current form. He notes potential shifts in market structure as the crypto landscape evolves in an ETF-dominated era.
The commentary points to a fundamental change in how capital moves through crypto markets. Grachev argues the key driver is changing capital flows. In earlier cycles, BTC’s rise typically drew investor profit-taking, sending funds into small- and mid-cap altcoins and fueling a market-wide altcoin rally. If ETF-driven flows and institutional participation continue to reshape the landscape, the once synchronized surges across altcoins could become less common, altering the dynamics that fueled the last Altseason.
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