In 2025, the altcoin market showed notable selectivity: some coins surged multiple times, while most remained in the shadows. Meanwhile, Bitcoin set a new record, surpassing $126,000, but a broad altcoin rally did not materialize. This article explores the reasons behind investor disappointment, Arthur Hayes' counter-narrative, and the year's specific growth leaders.
Why Did the 2025 Altcoin Season Disappoint Investors?
The expectation of a widespread altcoin surge was unmet: many anticipated that Bitcoin's record would automatically boost a wide range of projects. Instead, 2025 saw fragmented spikes of interest in specific niches rather than synchronized market-wide growth. Commentators and analysts offered various explanations, but the altseason index statistics indicate the absence of a classic "season."
Arthur Hayes' Counter-Narrative: The Altcoin Season Has Not Ended
Arthur Hayes' main thesis is that the season hasn't disappeared but has transformed — becoming more "nuanced" and "decoupled" from Bitcoin. He believes the market now delivers strong results in particular sectors and projects with solid tokenomics models, rather than across the board. Hayes cited examples of assets shaping new narratives, including Hyperliquid and Solana, to illustrate that the "season" has simply shifted to other market segments.
Top Altcoin Performers in 2025
Data from CoinGecko and market statistics confirmed the year's selectivity: top performers included both privacy coins and tokens pegged to gold or exchanges. These examples illustrate the selective growth thesis, where certain assets show extreme gains while most remain largely stagnant.
- Zcash (ZEC) — the best performer among tracked altcoins, with approximately 740% growth over 12 months.
- Monero (XMR) — second place with around 142% annual gain.
- PAXG and XAUT — two gold-backed tokens that rose in line with gold market records; PAXG delivered nearly 70% annual returns, XAUT about 67%.
- Exchange tokens and others — top performers also included OKB, WBT, and BNB, alongside BCH, TRX, and JLP with moderate yearly profits.
Alternative Theories: ETF Season and Future Trends
Some market participants link the potential next phase to an "ETF season," where liquidity will concentrate in established altcoins awaiting listing or ETF approval. Meanwhile, other analysts point out that the current landscape is not a mass rally but "localized outliers," as confirmed by the altseason index level at 35, far below the 75 threshold. This dynamic alters strategies for asset selection and timing entry positions.
Why This Matters
If you mine in Russia with anywhere from one to a thousand devices, understanding market selectivity helps assess risks and opportunities for coin sale revenues. With niche rallies dominating, profits from individual altcoins can be high but do not extend across all coins; this means holding "everything" indiscriminately is risky. Additionally, the rise of gold-backed tokens reflects capital shifting into collateralized assets, impacting liquidity distribution in the market.
What to Do?
Practical steps for miners with small to medium equipment fleets are straightforward: primarily, monitor liquidity and demand for the coins you mine and evaluate whether it’s profitable to convert them to fiat or other assets. Timely decisions on whether to hold mined coins or convert them into more liquid assets should be based on current prices and fees.
Recommended actions:
- Regularly compare mining profitability with spot prices — this helps lock in profits promptly.
- Keep part of your earnings in liquid assets to avoid dependence on narrow rallies.
- Follow new narratives and shifts in demand for privacy coins and gold tokens, but avoid blindly chasing hype.
For more on Hayes' stance last year, read the article on the 2024 altcoin season, discussing similar theses and why some traders may have missed market moves. To understand gold and exchange instruments' roles in this dynamic, see Gold vs. Bitcoin 2025. To see how market indices are calculated, check the overview of the Altseason Index.
Brief FAQ
Why was there no classic altcoin season? In 2025, growth was selective: only certain sectors and projects showed significant momentum.
What does Arthur Hayes say? He believes the season hasn’t ended but has become more nuanced and decoupled from Bitcoin.
Which coins grew the most? Leaders included Zcash and Monero, as well as gold-backed tokens.