On February 25th, Ethereum's value dropped to $2.3K, breaking the $2.6K threshold. This event could mark the end of altseason.
Altseason Status
In a single day, the altcoin market lost $160 billion in market cap, decreasing from $1.28 trillion to $1.12 trillion. Since the peak in December, the altcoin sector has lost over $590 billion due to consistent bearish pressure.
ETH/BTC Dynamics and Market Sentiment
The ETH/BTC ratio, a measure of altcoin momentum using Ethereum’s performance, has fallen 68% to levels not seen in five years. Unlike the minor rebound in late 2024, which spurred the November altcoin surge, the indicator has not experienced a significant relief rally in 2025. This could negatively impact altseason expectations. However, Ki Young Ju from CryptoQuant noted a 24% increase in large player addresses holding between $10K-100K ETH over the past year. With a cost basis of $2,199, Ethereum’s continued recovery could hinge on the price remaining above $2.2K.
Outstanding Altcoins
Interestingly, some altcoins experienced double-digit gains despite the overall bearish pressure. Story [IP], Maker [MKR], Sei [SEI], and Berachain [BERA] were among the top performers of the week. In contrast, Raydium’s RAY was the hardest hit, falling 46%, with additional pressure from Pumpfun launching its automated market maker (AMM) for its graduated tokens.
Overall market sentiment for altcoins remains tense, despite some exceptions. Bitcoin's dominance indicates a potential retention of positions in the market, while individual altcoins continue to show notable growth.
