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$GRVT “Altseason” may still be a moving target, but the rotation traders are watching is getting harder to dismiss. Over the last 30 days, a wide mix of tokens across memecoins, DeFi, privacy, AI and infrastructure has posted outsized gains, according to CoinMarketCap data. CoinMarketCap shows memecoin launchpad token PONS up more than 350%, while Uniswap’s UNI has gained over 110%, Arbitrum’s ARB is up more than 150%, and NEAR—described as AI-focused in the dataset—has risen around 180%. Privacy token Zcash also hit a new record above $1,600 last week, while additional gainers include LIT (Bitcoin Layer-2) and PUMP (memecoin launchpad), CoinMarketCap’s altcoin-season index and broader charts indicate. Key takeaways CoinMarketCap’s “altcoin season” gauge has not yet crossed the official threshold, but the 30-day performance looks more like a broad rotation than a single-theme spike. Commentators highlighted a potential shift toward “revenue” and utility narratives, even as memecoins remain part of the rally. Talos data suggests capital is concentrating in fewer assets rather than rotating evenly across the long tail. Dealer participation in altcoin trading has fallen since late 2024, implying market makers may be playing a smaller role than in prior rallies. Access and tooling for retail and professionals appear to have improved, which may help explain why buying has stayed persistent despite less dealer-driven liquidity. Is this altseason—or just selective rotation? The market’s behavior is not lining up neatly with an “official” altcoin season call. CoinMarketCap’s altcoin season index, according to the publication, currently sits at 64 out of 100, up from 48 the previous week. Still, it remains below the 75 level that signals a new official season. That gap matters for investors because “altseason” signals are often used as shorthand for risk appetite across the broader market. If the index hasn’t confirmed a full regime shift, traders may be more likely to hunt specific narratives rather than rotate broadly into everything outside large caps. The performance profile supports that interpretation. While tokens across very different sectors have surged—Zcash’s privacy angle alongside DeFi and AI-adjacent names—the underlying driver may be more about selective participation than a wholesale change in strategy. What traders appear to be buying right now Even among the largest weekly gainers, the composition looks mixed. The dataset cited indicates that, among the top 20 biggest gainers last week, only two memecoins appeared, and in the prior week only Pudgy Penguins made the list. That backdrop is part of why several market observers argue the current move is reflecting “breadth before depth.” Sergej Kunz, co-founder of 1inch, pointed to how memecoins have shown the strongest growth among buyers over the last 30 days, while other categories—DeFi protocols, privacy tokens, AI projects and tokenized assets—are also attracting attention. However, his emphasis was on how investors are spreading exposure: more wallets buying a wider range of tokens, generally in smaller amounts, rather than going all-in on a single bet. Talos data aligns with that framing while also sharpening the picture. Sam ar Sen, head of international markets at Talos, says the data points to capital clustering around a smaller number of assets rather than distributing broadly across the “long tail.” He also notes September flow data shows a “notably strong buying tilt,” with buying dominating on almost every day—contrasting with late 2024, when buyers and sellers were reportedly more evenly matched and the post-election rally reportedly produced broader outperformance across tokens including DOGE, ADA and HBAR. Relevance, revenue, and the battle between narratives Rather than treating the rally as one simple rotation into whichever coins are trending, the discussion is increasingly about what these tokens share. David Hoffman, host of the Bankless podcast, suggested that prominent gainers such as ARB, UNI, JUP and ONDO have something in common: they “make money” and “print revenue,” implying a utility-driven impulse rather than pure speculation. That said, multiple observers also emphasized that fundamentals are not the only force at work. Kunz’s remarks again point to memecoins as a major growth driver among buyers, while Talos’ Sen describes the market as becoming more selective—concentrating around specific narratives and ecosystems instead of treating altcoins as one broad trade. The result is an uneasy middle ground: investors may not be purely abandoning speculation, but they may be demanding clearer reasons to participate. The broader market takeaway is that “altseason” in this cycle could be less about one dominant theme and more about overlapping sub-stories—revenue-generating protocols, onchain derivatives, privacy, AI adjacency, tokenized assets, and even the growing overlap between categories on mainstream platforms. The source highlights how tokenized stocks have started trading against memecoins via unconventional pairings on Robinhood, illustrating how retail access can compress boundaries between narratives. One referenced pairing reportedly generated more than $425 million in 24-hour trading volume in early September, underscoring how fast liquidity can form around new combinations. Who is funding the move: dealers, retail access, and professional tools One of the most actionable parts of the report is what it implies about market structure. Talos data cited by Sen shows dealer participation in altcoin trading has fallen from roughly 65% at the end of 2024 to about 32% in September, even while flows maintained a strong buying trend. Sen described this as a meaningful difference from the last altcoin rally, suggesting liquidity providers and market makers have played a smaller role in the current move. At the same time, he argues access has improved—exposure that once required direct interaction with decentralized venues (such as Raydium or Orca, as mentioned in the article) is now available through mainstream platforms. That, in his view, lowers barriers to entry and broadens retail participation. On the professional side, Sen also notes that traders have more tools for tracking activity—using wallet tracking and copy trading approaches to identify where capital is building across wallets, protocols and chains. In combination, the report frames the current rally as powered by wider retail access paired with more sophisticated professional monitoring. A possible “fundamental” edge—if integration accelerates Some of the most optimistic commentary comes from Michael Egorov, founder of Curve Finance and Yield Basis. He said he’s seeing more interest in protocols with tangible use cases and institutional demand than in prior cycles, with particular attention to infrastructure that can connect crypto to real financial activity. Stablecoins were highlighted as one example, especially their use in onchain foreign exchange and fintech applications. Egorov argued that a key driver could be growing integration between crypto infrastructure and the real economy—something that, if it continues, could give this cycle’s altcoin momentum an additional source of buying beyond trading itself. But he also acknowledged the uncertainty: this would require demand to keep building, not just speculative attention. For readers, the near-term question isn’t simply whether “altseason” arrives on paper, but whether the market continues to concentrate around specific narratives or starts rotating more broadly. Watch CoinMarketCap’s index for movement toward the official threshold, and monitor Talos’ flow and participation metrics—especially whether dealer involvement rises again as token liquidity deepens. This article was originally published as Altseason Set to Return as Traders Become More Selective on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

$GRVT Altseason may not be officially here, but traders are starting their rotations — and the numbers are getting harder to ignore. Over the past 30 days, memecoin launchpad PONS soared more than 350% in price, while in DeFi, Uniswap’s UNI gained more than 110%, Arbitrum’s ARB jumped over 150% and AI-focused NEAR also shot up around 180%. Privacy token Zcash hit a record high above $1,600 last week, while Bitcoin Layer-2 token LIT and memecoin launchpad token PUMP are also among the biggest gainers over the period, according to CoinMarketCap. Spanning very different sectors, those gains don’t point to one obvious trade, but they do suggest many traders are looking at coins with a good business case behind them this time around. Looking at the massive gains in tokens such as ARB, UNI, Jupiter’s JUP and Ondo’s ONDO, Bankless podcast host David Hoffman said Friday that what they had in common is, “They make money, they all print revenue,” suggesting that this rally could be driven by utility rather than speculation. Among the top 20 biggest gainers last week, there were only two memecoins. In the past week, only Pudgy Penguins made the list. But it’s not all about fundamentals according to 1inch co-founder Sergej Kunz, who notes that over the last 30 days, memecoins have shown the strongest growth among buyers. But he says DeFi protocols, privacy tokens, AI projects and tokenized assets are also attracting attention. Related: The 100x obsession: Fundamentals grow in importance as crypto matures “The pattern so far is breadth before depth,” he tells Magazine, with more wallets buying a broader range of tokens, but generally in smaller amounts. “The caution in the data fits the broader pattern of selective participation,” he says. Users are participating “selectively rather than going all-in.” So what will make this altseason different? Is the market finally getting more discerning and allocating into assets with actual utility as Hoffman suggests, or will it once again end up driven by memecoins featuring dogs in hats and sexual innuendos? It’s too early to say, with CoinMarketCap’s official Index yet to break into Altcoin Season. It’s currently sitting at 64 out of 100, up from 48 last week but still a little way below the 75 threshold that marks an official new season. A small number of coins account for most of the market. Trading firm Talos data shows the top 10 altcoins currently account for roughly 80% of total altcoin market capitalization, up from around 70% at the end of 2024. Hoffman says this rally is being driven by revenue-generating protocols. Source: Bankless. Samar Sen, head of international markets at Talos, says the data is “pointing to a market where capital is clustering around a smaller number of assets rather than rotating broadly into the long tail.” He says Talos’ September flow data also shows a “notably strong buying tilt,” with buying dominating on almost every day. That contrasts with late 2024, he says, when buyers and sellers were more evenly matched, and the post-election rally produced broader outperformance across tokens including DOGE, ADA and HBAR. What people are actually buying According to Sen, the strongest performance is around specific themes, like revenue-generating protocols, onchain perpetuals and DeFi projects, including HYPE, LIT, UNI and MORPHO. Privacy-related assets such as ZEC, NEAR and XMR are also performing strongly, alongside AI-adjacent tokens including VVV and TAO. Related: Crypto’s next altseason may have fewer winners: Wintermute Talos is also seeing a flurry of activity around memecoin launchpads, including PUMP and PONS, and the Robinhood ecosystem and USELESS memecoin are performing well. PONS is the biggest gainer in the last 30 days. Source: CoinMarketCap Like Kunz, Sen says the market is becoming “much more selective.” “Investors are concentrating around specific narratives and ecosystems rather than treating altcoins as a single broad trade.” Tokenized gold and tokenized stocks are also seeing more buyers, and AI tokens are up as well, “albeit from a small base.” Overall however, it may be less of a wholesale shift from speculation to utility and more of a jumble of competing narratives. And with the explosion of unconventional trading pairs on Robinhood earlier this month, we caught a glimpse of how the categories are beginning to overlap. Tokenized stocks are suddenly being traded against memecoins via market pairings like BONER/HIMS and SPACEHOOD/SPCX. One such pairing generated more than $425 million in 24-hour trading volume in early September. The case for a more fundamental altseason Michael Egorov, founder of Curve Finance and Yield Basis, says he’s seeing more attention around actual use cases and institutional demand than in previous cycles. “All in all, I’d say there’s now more interest in protocols that actually do something useful, can connect crypto with real financial activity, and prove it in action,” he says. Stablecoins are one example, he says, particularly their use in onchain foreign exchange and fintech applications. He believes the “biggest driver” will be the growing integration of crypto infrastructure with the real economy. If that demand keeps growing, it could give this altseason a new source of buying, as crypto infrastructure becomes more useful outside of crypto trading itself — but that’s a big if. Who is actually driving the rally? Talos data shows dealer participation in altcoin trading has fallen from around 65% at the end of 2024 to about 32% in September, even while flows maintained a strong buying trend. “That is a significant difference from the last altcoin rally,” Sen says, “and suggests liquidity providers and market makers have so far played a smaller role in the current move.” He says that, at the same time, access has become easier, and exposure that once required traders to interact directly with decentralized venues like Raydium or Orca is now available through mainstream platforms. That “lowers barriers to entry and broadens retail participation,” he says. Professional traders also have more tools for following the money this cycle, from wallet tracking to copy trading that can provide signals about where capital is moving across wallets, protocols and chains. According to Sen, that creates a combination of broader retail access alongside more sophisticated ways for professional traders to identify where activity is building. Magazine: Exchanges reporting crypto gains to IRS becomes tax nightmare

$YGG $JUP is turning bullish after breaking out of the long-term down JUP is turning bullish after breaking out of the long-term downtrend. The setup remains bullish as long as price holds above the breakout and stays above the accumulation zone. If that support holds, the next leg higher could get interesting.

$JUP is turning bullish after breaking out of the long-term down JUP is turning bullish after breaking out of the long-term downtrend. The setup remains bullish as long as price holds above the breakout and stays above the accumulation zone. If that support holds, the next leg higher could get interesting.