Introduction
Imagine dropping $800 million on a Bitcoin long and then casually saying, “Altcoin season is next.” That’s exactly what James Wynn, a well-known trader on Hyperliquid, just did—and people are paying attention.
According to Wynn, the real altcoin action won’t start until Bitcoin finishes its business somewhere around $118K to $122K. Once it peaks and chills out for a bit, that’s when the magic could begin. So, if you’re holding altcoins and wondering when they’ll finally wake up—it might be right around the corner.
Tether Dominance Drops, But Bitcoin Still Hogging the Spotlight
So what’s the holdup? Well, the market’s showing early signs of life. Tether (USDT) dominance has started to dip, which usually means people are rotating out of stablecoins and into more adventurous altcoin plays. That’s often one of the first signals of a budding alt season.
In fact, as USDT dominance slipped from 6% to 4.3% in Q2 2025, the altcoin market cap ballooned by $200 billion. Not too shabby. But the party hasn’t fully kicked off yet because Bitcoin’s dominance is still flexing at around 64%. Until that grip loosens, altcoins are going to have to wait in the wings.
ETH Is Starting to Steal the Altcoin Season Show—And That’s a Good Sign
Another piece of the puzzle? Ethereum. The ETH/BTC ratio just jumped by 40%, which is a pretty big deal. It means Ethereum is starting to outperform Bitcoin—a classic alt season signal.
Chris Burniske, a partner at Placeholder and everyone’s favorite crypto optimist, summed it up best: “If ETH keeps gaining on BTC, then alt season will be upon us. May all your bags moon, for a period.”
Of course, not everyone’s throwing confetti just yet. Market analyst Crypto Cred reminded us that not all Bitcoin profits will magically flow into altcoins. He advises focusing on the top-tier projects—because this isn’t 2021, and not every meme coin will make you rich this time.
Altcoin Season Hype Is Building—But the Index Still Says “Not Yet”
Let’s not get carried away. The official altcoin season index is still sitting at a measly 20. Translation: we’re still deep in Bitcoin season. But the signs are all lining up—falling USDT dominance, ETH outperforming, altcoins like Solana testing their 200-day SMA, and whales making billion-dollar calls.
So while we’re not there yet, the setup is getting juicier by the day. All we need now is Bitcoin to hit its local top, take a breather, and let the rest of the market have a little fun.
Keep your eyes on dominance, watch the ETH/BTC ratio, and if James Wynn is right, June could be when altcoins finally get their chance to shine.
