Overview

• Global Google search interest for “altcoins” and “alt season” has collapsed from mid‑August highs, with readings retreating to prior lows and signaling fading retail enthusiasm.
• The Altcoin Season Index remains well below the 75 level historically needed to confirm a broad altcoin breakout, slipping again this week and reinforcing weak momentum.
• Bitcoin cooled after a record near $124,000 and Ethereum eased from around $4,800 as major altcoins posted double‑digit weekly losses and total crypto market value dropped by roughly $200 billion.
• Analysts say this cycle is being driven by institutional capital concentrated in Bitcoin and Ethereum via spot ETFs, corporate treasuries and DAT strategies, limiting broad rotation into smaller tokens.
• Large ETH treasuries continue to build — including BitMine at roughly 1.5 million ETH and SharpLink near 1.1 million — while some observers question whether recent search spikes were organic and note any later altcoin rotation would hinge on shifting flows or new ETF approvals.