{"id":25394,"date":"2025-07-17T14:51:30","date_gmt":"2025-07-17T11:51:30","guid":{"rendered":"https:\/\/forklog.com\/en\/analyst-calls-the-start-of-altcoin-season\/"},"modified":"2025-07-17T14:51:30","modified_gmt":"2025-07-17T11:51:30","slug":"analyst-calls-the-start-of-altcoin-season","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/analyst-calls-the-start-of-altcoin-season\/","title":{"rendered":"Analyst calls the start of altcoin season"},"content":{"rendered":"<p>Veteran chartist Peter Brandt declared the start of an \u201caltcoin season\u201d.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It&#8217;s altcoin season <a href=\"https:\/\/t.co\/BShKyS6PDO\">pic.twitter.com\/BShKyS6PDO<\/a><\/p>\n<p>\u2014 Peter Brandt (@PeterLBrandt) <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1945611500464324873?ref_src=twsrc%5Etfw\">July 16, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In a post on X, he attached a chart of total crypto market capitalisation excluding bitcoin that shows a \u201ccup with handle\u201d. The bullish pattern points to a potential continuation of the uptrend after a consolidation phase.<\/p>\n<p>The Altcoin Season Index has yet to clearly signal the onset of an altseason, but its readings are rising fast:<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"562\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Alt_index-1024x562.png\" alt=\"Alt_index\" class=\"wp-image-262203\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Alt_index-1024x562.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Alt_index-300x165.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Alt_index-768x421.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Alt_index.png 1386w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Altcoin season indicator. Data: <a href=\"https:\/\/cryptorank.io\/charts\/altcoin-index\">CryptoRank<\/a>.\u00a0<\/figcaption><\/figure>\n<p>Over the past day, top alternatives to bitcoin have risen sharply, while the market\u2019s bellwether slipped 0.5%:<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"684\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/CoinGecko234-1024x684.png\" alt=\"CoinGecko234\" class=\"wp-image-262204\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/CoinGecko234-1024x684.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/CoinGecko234-300x200.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/CoinGecko234-768x513.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/CoinGecko234.png 1352w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Top 10 cryptoassets by market capitalisation. Data: <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>.\u00a0<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\">Are ETH supplies depleted?<\/h2>\n<p>Evgeny Gaevoy, founder of market maker Wintermute, said ETH reserves on its over-the-counter platform for institutional clients are almost exhausted \u2014 a sign of strong demand for the asset.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">there is (clearly) almost no <a href=\"https:\/\/twitter.com\/hashtag\/ETH?src=hash&#038;ref_src=twsrc%5Etfw\">#ETH<\/a> available for sale on Wintermute OTC desk<\/p>\n<p>\u2014 wishful_cynic (@EvgenyGaevoy) <a href=\"https:\/\/twitter.com\/EvgenyGaevoy\/status\/1945596541193818187?ref_src=twsrc%5Etfw\">July 16, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Founded in 2017 by Gaevoy and Harro Mantel, the London-based Wintermute is one of the key liquidity providers in the crypto market.<\/p>\n<p>However, Ethereum remains inflationary \u2014 the ETH supply is growing by roughly 0.69% a year. That points to subdued on-chain activity.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"247\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Ultra-3-1024x247.png\" alt=\"Ultra\" class=\"wp-image-262205\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Ultra-3-1024x247.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Ultra-3-300x72.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Ultra-3-768x185.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Ultra-3-1536x370.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Ultra-3.png 1690w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Ratio of ETH burned to issued, and the annual growth rate of the coin supply. Data: <a href=\"https:\/\/ultrasound.money\/\">Ultrasound<\/a>.<\/figcaption><\/figure>\n<p>Over the past 24 hours, the price of Ethereum rose 9.1%, <a href=\"https:\/\/u1f987.com\/en\/news\/ether-tops-3400-as-spot-etf-inflows-hit-a-record\">crossing the $3,400 mark<\/a>.\u00a0<\/p>\n<p>Renewed interest in the coin is also evident in record open interest in futures \u2014 above $50bn.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"314\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/ETH_OI-1024x314.png\" alt=\"ETH_OI\" class=\"wp-image-262209\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/ETH_OI-1024x314.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/ETH_OI-300x92.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/ETH_OI-768x236.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/ETH_OI.png 1372w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Open interest dynamics for Ethereum futures. Data: <a href=\"https:\/\/www.coinglass.com\/BitcoinOpenInterest\" title=\"CoinGlass\">CoinGlass<\/a>. <\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\">The rally is not over<\/h2>\n<p>An MVRV gauge tailored to short-term holders (STH) points to further upside, according to CryptoQuant contributor Darkfost.<\/p>\n<p><script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?22\" data-telegram-post=\"cryptoquant_official\/3099\" data-width=\"100%\"><\/script><\/p>\n<p>In this cycle, he observed, the combined unrealised profit of short-term holders has not approached 42%.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cEvery time STH MVRV reached a level around 1.35, which corresponds to a \u2018paper\u2019 profit of 35%, it led to profit-taking and a short-term correction. We are still far from that mark \u2014 the reading is around 1.15,\u201d \u2014 Darkfost noted.<\/p>\n<\/blockquote>\n<p>The analyst added that on July 11 the realised price for short-term holders \u201cfor the first time in bitcoin\u2019s history\u201d exceeded $100,000, and then surpassed $102,000.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThus, the digital gold still has 20\u201325% upside potential before reaching the critical MVRV level. In other words, the market maintains a bullish momentum until a new wave of profit-taking,\u201d \u2014 the expert concluded.<\/p>\n<\/blockquote>\n<p>For their part, Glassnode analysts detected an increase in the volume of bitcoin held by first-time buyers of the cryptocurrency \u2014 from 4.77m to 4.91m BTC (+2.86%).<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Over the past two weeks, the supply held by first-time <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> buyers rose by +2.86%, climbing from 4.77M to 4.91M <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a>. Fresh capital continues to enter the market, supporting the latest price breakout. <a href=\"https:\/\/t.co\/W95HSAMaHI\">pic.twitter.com\/W95HSAMaHI<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1945766240519127159?ref_src=twsrc%5Etfw\">July 17, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cFresh capital continues to flow into the market, supporting the <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-breaches-a-record-120000-amid-institutional-demand\">recent price breakout<\/a>,\u201d \u2014 the researchers emphasised.<\/p>\n<\/blockquote>\n<p>Earlier, Glassnode analysts <a href=\"https:\/\/u1f987.com\/en\/news\/analysts-warn-bitcoin-is-edging-into-an-overheating-zone\">warned<\/a> that bitcoin\u2019s price had entered an \u201coverheating zone\u201d.<\/p>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Veteran chartist Peter Brandt declared the start of an \u201caltcoin season\u201d.<\/p>\n","protected":false},"author":1,"featured_media":25393,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[20,18,46,1145,1253],"class_list":["post-25394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-altcoins","tag-bitcoin","tag-ethereum","tag-market-analysis","tag-technical-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"150","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/25394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=25394"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/25394\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/25393"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=25394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=25394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=25394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}