Bitfinex Alpha Believes No Altseason Until Regulators Approve More Diverse Crypto ETFs Beyond BTC/ETH

Bitfinex Alpha argues that a true altseason remains unlikely until regulators approve exchange-traded funds (ETFs) for cryptocurrencies beyond Bitcoin and Ethereum as current market conditions favor continued institutional accumulation in established digital assets over broader altcoin ￰0￱ exchange’s latest analysis indicates that while Ethereum has reached new all-time highs above $4,950 significant capital rotation into higher-risk altcoins awaits the introduction of new investment vehicles and renewed Bitcoin ￰1￱ Market Conditions Favor Institutional Concentration Over Retail Speculation The Altcoin Season Index currently sits at 45 out of 100

firmly in “Bitcoin Season” territory despite recent altcoin strength.) August 17 2025 Still the initiative focuses on established tokens rather than promoting altcoin ￰2￱ caps of approximately $16,950 per tourist suggest regulatory caution around broader crypto ￰3￱ realized cap growth for Bitcoin has slowed significantly compared to previous all-time high ￰4￱ monthly expansion peaked at 6% versus 13% during late-2024’s $100,000 breakthrough which resulted from the softer risk appetite among institutional investors who drive altcoin ￰5￱ and Fundamental Factors Support Delayed Altseason Timeline Market analysts note that true altcoin seasons historically begin only after Ethereum establishes decisive breaks above all-time ￰6￱ 2021 altcoin surge occurred after Ethereum’s third attempt at breaking previous records

triggering massive capital flows into assets like Cardano which gained 400% in one month.