A specialist assessment has emerged that the cryptocurrency market’s so-called altseason has effectively ended, blockchain media outlet Cointelegraph reported on March 15 local time.

Andrei Grachev (안드레이 그라체프), managing partner at crypto market maker DWF Labs, said a “broad rally” in which altcoins rise across the board is now a relic of the past. He said the main drivers were structural changes stemming from an excessive increase in the number of tokens, reduced market participation and bitcoin (BTC) exchange-traded funds (ETFs) locking up liquidity.

In practice, about $209 billion (about 305 trillion won) has flowed out of the altcoin market over the past 13 months. Altcoin market capitalisation fell to about $719 billion (about 1,049 trillion won) from a peak of $1.19 trillion (about 1,736 trillion won) in October 2025.

The number of cryptocurrency tokens tracked by CoinMarketCap has surpassed 37.8 million. Darkfost (다크포스트), an analyst at CryptoQuant, said, “38 percent of all altcoins are hovering near all-time lows, which is more severe than after the FTX collapse.”

Grachev said, “Most long-tail tokens will function as high-risk venture or casino-style plays.” He added, “Narrative windows will shorten, rotations will become more intense, and weaker projects will have less room to survive on expectations alone.”

Bitwise Chief Investment Officer Matt Hougan (매트 하우건) also said, “Institutional investors are focusing on digital assets that generate returns,” declaring the end of the traditional altseason.

By contrast, inflows into bitcoin ETFs recorded net inflows for five straight trading days, showing a clear temperature gap.