In terms of the cryptocurrency market, 2025 was recorded as a period in which altcoin narratives gradually became shorter and risk appetite narrowed. The latest report published by market maker and data provider Wintermute revealed that the duration of altcoin rallies has decreased sharply and there has been a significant shift in investor behavior. The report emphasized that with the return of macro uncertainty, investors shifted their positions to major assets such as Bitcoin and Ethereum. The report also pointed out that the narratives that lasted months in 2024 were limited to weeks in 2025.
Why Did Altcoin Rallies Shorten?
According to Wintermute data, while an average altcoin narrative remained alive for more than two months in 2024, this period decreased to approximately 20 days in 2025. Although memecoins, indefinite futures DEXs and new transaction themes attracted short-term interest, especially in the first half of the year, it was observed that none of these movements could create a permanent momentum that spread throughout the market. The attempts became more frequent, but each wave faded quickly because there was not enough faith.
The report stated that this weakening was not due to a lack of ideas, but to the inability of market participants to provide continuity. Limited liquidity and fluctuations in global macro conditions made it difficult for investors to take long-term risks. Thus, altcoin transactions turned into short-term tactical moves rather than part of strong trends.
Fatigue on the altcoin front became more visible with the sharp deleveraging experienced on October 10. While many narratives were rapidly abandoned after this date, the search for a permanent direction in the market came to the fore. The report highlighted that despite repeated testing of rallies, confidence could not be built.
How Did Investor Interest Turn to Major Altcoins?
Institutional investors began to hold their positions steadily in major altcoins as of the second quarter of 2025. Bitcoin and Ethereum have served as defensive anchors amid uncertainty. Small-scale altcoins, on the other hand, had difficulty producing sustainable increases.
Individual investors initially turned to altcoins again in anticipation of a delayed “altcoin season” in the second and third quarters. However, the volatility in October quickly eliminated this optimism, and a large-scale reversal occurred towards the end of the year. Wintermute pointed out that this turn is now a structural choice rather than a search for temporary opportunities.
The Memecoin market also got its share from this process. Trading volumes, which peaked earlier in the year, failed to recover and liquidity remained concentrated in a narrower group of tokens. Although activity has not completely ended, the scope for participation has narrowed significantly and large-scale opportunities remain limited.
