October Crash Ended Altseason, Says Wintermute Report

According to Wintermute’s “Digital asset OTC market 2025” report, a major crypto liquidation event on October 10, 2025, served as an inflection point, causing retail traders to abandon altcoins and rotate back into major cryptocurrencies like Bitcoin (BTC) and Ether (ETH). This defensive posture, driven by fears of contagion and a bear market, reversed the trend seen since 2022 where retail favored altcoins over majors. This rotation into majors prevented an altcoin season, leading to altcoins significantly underperforming in 2025. Furthermore, the conviction behind altcoin rallies diminished, with average rallies lasting only about 19 days in 2025, down from 60 days the previous year, making them feel like tactical trades. Despite the lack of altcoin momentum entering 2026, fears surrounding the October crash are subsiding, contributing to renewed market confidence and a rise in total market capitalization.

(Source：Cointelegraph)