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Why I think the Altcoin Season is Delayed

7 Jul 2025 · 1 min

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1:12

In this commentary, the speaker argues that the altcoin season has not ended but is merely delayed, basing this view on an analysis of market liquidity. He notes that many observers claim capital is flowing exclusively into Bitcoin‑related treasury entities, citing Circle—a $7.4 billion USDC issuer—as a prime example. He explains that when USDC is minted, the resulting liquidity simultaneously supports crypto markets and government debt, acting as a proxy for broader capital movement. The speaker further points out that newly formed treasury companies, IPOs, and spot‑ETF structures are creating their own native currencies, blockchains, and tokens, which reshapes where funds are allocated. Overall, he concludes that these dynamics suggest a postponement rather than a conclusion of the altcoin season.

Chapters

I personally do not believe the altcoin season is over. I've been doing some research, just got off my live Q&A, and we were really looking into the liquidity of the market. And I've come to the conclusion that I do believe it's probably delayed. I know that's like kind of like a bold claim, but I want you to just kind of grasp what I'm going to say here. So first things first, uh, this whole perception, um, I've been looking into the narrative. A lot of people are talking about how all of the money is now flowing into Bitcoin treasury companies Like, for example, Circle is a really good indicator. Circle is worth like $7.4 billion right now as we speak. And the money kind of just flew into that. Circle is the creator of USDC. But the thing is, like, you know, obviously there's billions of dollars of liquidity from USDC itself. So what people don't understand is when you mint and create USDC, right, when you create USDC, that money flows into crypto, but then it also flows into government debt. So it's kind of like this, it's like a proxy. The companies that are creating these treasury companies, the IPOs, the spot ETFs, all those entities involved, they're creating their own currencies. They're creating their own blockchains. They're creating their own cryptocurrencies.