- Onchain data shows declining Bitcoin market share, which may mean a possible shift of capital to altcoins.
- According to analysts, renewed liquidity from the Federal Reserve and improving market sentiment may signal the start of a new altcoin season.
The traditional “Uptober” has been canceled in 2025, as we now know. In particular Bitcoin lost almost 5% in October, ending October’s long-held role as a growth month. What we don’t know is whether we are currently in “Upvember”, i.e. whether the upswing month has just been postponed. A lot of things point to exactly that.
Now, ten days into November, new data shows that there are signs of an imminent “altcoin revival.”
“Bitcoin sclerosis” suggests capital reallocation
Onchain and market data suggests Bitcoin’s dominance could continue to decline. This could prompt investors to shift their capital into altcoins, which in turn could trigger a bull run. That’s why analysts are watching Bitcoin market share closely; it is currently at 59.94%.
There had already been a severe loss of BTC market share at the end of June. This was followed by a rebound in September. Based on the current position, it can be seen that the market share from June has not been achieved again. This has led analysts to suggest that investors are preparing to shift funds from Bitcoin to altcoins.
Crypto analyst Matthew Hyland, who is currently diagnosing a bear market, stated:
“BTC market share… has been looking bearish for many weeks. The downtrend is favorable to continue. The relief rally was just a dead cat bounce in a downtrend.”
Similarly, analyst Michaël van de Poppe compared on his X-Account the current setup with the 2019-2020 cycle, “as in the previous cycle nobody at Altcoins believed”. Van de Poppe knew thereupon that the market is currently facing a similar turning point to a previous event. He also expects a second decline in the BTC.D ratio sometime this quarter.
Additionally, trader Don pointed out a head and shoulders formation on the BTC dominance chart, a classic technical signal of a trend reversal. He wrote:
“Rotation season may be closer than most people think.”
This suggests that capital could soon flow into altcoins if Bitcoin cools down.
Market sentiment is becoming more optimistic
Historically, altcoin seasons have begun during periods of “disbelief,” when market sentiment is at its worst. Analyst Merlijn:
“Altcoin season begins when everyone gives up. Same base. Same wedge. Same disbelief.”
Recent weekend rallies in some altcoins are showing early signs of renewed retail participation as cautious optimism replaces the apathy that followed October’s downturn. Analysts believe this emotional cycle, where skepticism gives way to gradual enthusiasm, is a key component of early bull market formation.
More liquidity could trigger a new rally
Another possible trigger for the shift lies outside the crypto market. The US Federal Reserve will reportedly resume its quantitative easing program on December 1, a move that could inject fresh liquidity into financial markets. So far, such measures have increased investors’ appetite for high-risk investments such as crypto assets.
If the new liquidity coincides with a decline in Bitcoin market share, the result could be a strong recipe for altcoin momentum by the end of 2025.
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