Crypto exec says altseason is over as altcoin cap sheds $209B since October 2025 crash

Andrei Grachev of DWF Labs argues that classic altseasons have ended, with excess tokens, constrained liquidity and ETF flows concentrating capital in Bitcoin, Ether and RWAs. Altcoin valuations have dropped sharply since the October 2025 crash, with $209 billion leaving the sector over 13 months and 38% of tokens trading near record lows, while analysts foresee shorter narratives and more aggressive capital rotations across select sectors.