Market data suggests the beginning of an altcoin season, though there are concerning signals. This was reported by Santiment experts.
Bitcoin has reached a new all-time high at over $118,000. Against this backdrop, most leading cryptocurrencies have outperformed the flagship in price dynamics over the past seven days.
The largest Ethereum wallets (holding 10,000 ETH or more) have collectively accumulated 75.74% of the total coin supply. This is the highest level of asset concentration among whales since May 2017, and it serves as a “strong bullish signal,” noted the company’s experts.
The number of XRP wallets holding more than 1 million coins has reached a record high of 2,743. The volume of cryptocurrency they own has also increased. Both trends are “very positive signs” for Ripple’s asset, Santiment emphasized.
According to analysts, the altcoin season will continue as long as Bitcoin remains above the key psychological level of $110,000. In such a situation, traders are comfortable redistributing profits from the rise of digital gold into other coins, they added.
Experts Advise Caution
One concerning signal is the MVRV metric for Bitcoin. The market price to realized value ratio of the asset has already surpassed the level recorded in May during the previous ATH, which was followed by a correction.
Santiment also highlighted the leadership in weekly growth within the meme coin segment — up 17%. This potentially indicates the final stage of the market rally, experts believe.
“When speculative assets lead the market, it may indicate that greed is peaking,” they noted.
For Ethereum, a concerning signal is the extremely optimistic sentiment regarding the asset. Typically, this indicates the approach of a short-term price peak, Santiment stated.
The altcoin season index from CoinMarketCap stands at 27. This value indicates that traders still prefer Bitcoin.
The dominance of the leading cryptocurrency is 62.5%. Analyst Matthew Hyland noted that despite this, altcoins have shown impressive growth. However, the real rally will begin after Bitcoin’s dominance falls to 45%, he is convinced.
BTC dominance hasnt even sneezed and Alts are ripping
What do you think happens if it drops from 65 to 45…. https://t.co/4842K3saM2
— Matthew Hyland (@MatthewHyland_) July 11, 2025
Back in April, Blockstream co-founder and CEO Adam Back described the boom in corporate Bitcoin treasuries as a profitable alternative to the altcoin season.