Grayscale Points to a Different Kind of Altcoin Season After Weak Q3

Grayscale has suggested that the third quarter of 2025 may have represented a unique form of “alt season,” with altcoins outperforming Bitcoin and other major assets.

In its latest report, the asset manager noted that while cryptocurrencies across sectors posted positive returns, the pattern stood out for being distinct from traditional altcoin cycles.

“Bitcoin underperformed other market segments, and the pattern of returns could be considered a crypto ‘alt season’ — although distinct from other periods of falling Bitcoin dominance in the past,” the report explained.

Altcoins tied to smart contracts were particular beneficiaries, supported in part by the passage of the GENIUS Act in the US earlier this year.

Meanwhile, AI-related tokens and other niche sectors saw growth, while Bitcoin, Ether, and broader currency plays lagged.

Market Shifts Driven by Policy and Exchanges

Grayscale highlighted several trends that shaped Q3.

One was the...

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