What are the Crypto Markets Preparing For: A Bitcoin Bull Run or an AltSeason?

Since the beginning, the crypto markets have followed a pattern of liquidity flowing into Bitcoin first and later to Ethereum and other altcoins. Meanwhile, the pattern seems to have changed slightly since the beginning of 2025, as the ETH price remains stuck within a range but the other altcoins have gained huge momentum while the BTC price formed a new ATH. 

Does this suggest whether the probability of an AltSeason is not influenced by the Ethereum price rally? If yes, then why are the whales constantly accumulating ETH? Do they know something we must know? 

When Will AltSeason Begin?

The AltSeason mainly has 3 criteria: the Bitcoin dominance should drop, the Ethereum price needs to trigger a strong rally and the altcoin market cap should rebound and initiate a strong upswing. Apart from this, whale accumulation also has a deep impact, as it may change the trajectory of the markets. Firstly, Bitcoin’s dominance is constantly rising and is trying to breach the final resistance zone

As seen in the above chart, the BTC dominance rebounded after losing support and is testing the crucial resistance zone between 60.31% and 61.62% The levels appear to be primed for a bullish continuation, as testing the higher range around 70% may mark the beginning of Altseason as it happened during the 2017 and 2021 bull run.  The BTC dominance dropped massively from 70% to levels below 40%. With this, it can be analysed that the BTC price still has some room to swell and hence a new BTC ATH could be imminent and AltSeason may begin only after that. 

Altcoin Market Capitalisation at a Crucial Juncture

Total market capitalization excluding Bitcoin sheds light on the performance of altcoins, which has reached a crucial juncture. The rally has been following a pattern and has flashed a signal at the beginning of an altseason. The levels usually surpassed the previous highs, which further offers a strong base during a bearish fall. Currently, the levels have failed to breach the previous highs, displaying a diverse price action. 

As seen in the above chart, the altcoin market cap breaches the support and rises finely, which further becomes the base during the pullback. Meanwhile, the levels have failed to surpass the previous highs, this time with the volume almost equal to the 2021 bull run. This could suggest the altcoins may undertake a diverse path this time, but the whale accumulation shows signs of an Altseason. 

Whales Accumulate ETH & BTC

Whale accumulation is considered one of the important indicators that have a significant impact on the upcoming price action. In a recent update, the data shared by a well-known crypto proponent, anonymously known as Altcoin Scholar, shows that whales have accumulated ETH at a very large scale This suggests whales might be expecting a major price shift, which is a massive bullish indicator. On the other hand, whales are also accumulating Bitcoin, which has raised significantly in February. 

The above data from Santiment shows there has been a 0.8% increase in the BTC wallets that hold more than 100 BTC while a 0.3% drop in wallets holding BTC below 100. This raises skepticism about where the markets are heading too. Whether a Bitcoin bull run is on the horizon or a strong Altseason? 

The altcoin season index is a metric used to measure the performance of altcoins and also to gauge whether the markets are heading towards a BTC bull run or altseason, which is currently not in favour of either of them. 

The levels between 0 and 33 suggest Bitcoin has held a huge dominance, while levels between 67 and 100 are an indicator of an AltSeason. Meanwhile, the current level is around 45, which is between 34 and 66, signaling a ‘Neutral Phase’. This is a phase where Bitcoin and altcoins perform similarly. Hence, we need to wait and watch to see where the market trend will shift in the coming days.