Yesterday, today, and tomorrow in the crypto market...

Remember the 2020-2021 altcoin bull run. Even when BTC was in the 62K-69K range, altcoins experienced a “wealth transfer of the era.” Because at that time, money was taking risks; liquidity was spreading across a basket of altcoins. The hidden engine of that bull run was not BTC’s level. It was low interest rates, crazy risk appetite, retail enthusiasm, and “less supply pressure.” The number of tokens was not as inflated as today; unlock/inflation was not as systematic. Then the market was thought to have grown… In reality, the market was inflated. Between 2022-2024, thousands of tokens, thousands of “stories,” tons of VC inventory, and an unlimited issuance model accumulated. The altcoin market started producing supply instead of value.

As we entered 2025, the picture was clear: most altcoins had become “exit liquidity,” not “investment vehicles.” And just as BTC was rallying, we saw “bleeding” in altcoins instead of a bull run: some collapsed overnight, others leaked for months… The common result: -90%/-99%.

While BTC was heading to its ATH, the market experienced mini crises: liquidation waves, volume drying up, confidence shocks, sudden risk appetite closures… People shouted “the bull is coming,” but most altcoins were already gasping for breath.

And then BTC surged, hitting the historic peak: around 126K USD (6 October 2025).
If anyone still believes in the “BTC ATH = altseason automatically” fairy tale, they are not reading the market. 2025 was not called the “crypto bull,” it was called the “BTC bull.” Because liquidity arrived but was not distributed fairly; it flowed into a single channel. Spot BTC ETFs and institutional flows concentrated the money in BTC; it did not spread to altcoins. On the altcoin side, the opposite happened… supply shock. Unlocks, emissions, team/VC sales, continuous new token minting… No product, no revenue; but selling pressure exists. Expecting altcoins to skyrocket just because “BTC hit ATH” is naive.

Another harsh lesson of 2025 is that the attention economy changed. Money no longer comes to “believe and wait for altcoins,” but to “trade altcoins and exit.” The hype cycle shortened; liquidity fragmented; each new trend drained more than the last. That’s why comparing the “general altseason” of 2020-2021 with 2025 is a mistake. In 2021, money was enough for everything. In 2025, money is selective: to BTC, a few mega projects, short-term speculation… The rest is a graveyard.

Now, the future vision is that the next cycle will not be a copy of 2021. The era of “everything flying” is over. The new cycle is a pruning cycle… only a few projects that generate revenue, have real demand, control supply, and have disciplined tokenomics will survive. Will there be an altseason? Yes. But this time, it won’t be a “market giving away gifts,” but a “market rewarding quality and crushing trash.” 2025 was a fragment; BTC hit ATH, and most altcoins lost 99%. Because money arrived, but it didn’t come to “your coin,” nor did it come, nor did they bring it.

2025 was not unpredictability; it was the evolution of the market. Crypto grew and became ruthless. There is no more automatic altseason. The only thing that remains is… where liquidity goes and who can manage supply will survive.

Until now, we loved, praised, and liked the coins we believed in and admired. We believe a bull will come to these coins, and we wait patiently because we love, praise, and like the coins that fit the system the market has evolved into.