Despite growing expectations of an upcoming altcoin season, industry insiders point to capital flowing back into corporate Bitcoin and cryptocurrency treasuries, casting doubt on the normal crypto market cycle.
According to cryptocurrency market research firm 10x Research, corporate digital asset treasuries (DATs) have drained around $800 billion value of retail investor capital from the altcoin market.
“Liquidity, momentum and conviction have all migrated elsewhere, leaving the altcoin market eerily quiet,” 10x Research wrote in a blog post Friday. “Our models show a decisive return to Bitcoin whilst Korean retail traders, once the middle of altcoin speculation, shift their focus to US crypto stocks.”
“Altcoins have underperformed Bitcoin by about $800 billion this cycle – a spot that will have mostly benefited retail investors,” 10x said, adding that that is prompting retail traders to search for “alternative avenues for quick returns.”
Tactical model Bitcoin vs. Altcoin. Source: 10xresearch.com
Technical indicators signal a return of crypto capital to Bitcoin
Despite ongoing calls for an altcoin season, a key altcoin indicator suggests investors could also be searching for greater Bitcoin exposure over smaller cryptocurrencies.
The “altcoin technical model” cited by 10x Research suggests that crypto investments are moving back to Bitcoin, suggesting that the $19 billion crypto market crash has disrupted the momentum previously gained by altcoins.
“The model’s return to Bitcoin got here at a critical time, two weeks before altcoins experienced a pointy sell-off on October 11, 2025,” said 10x.
Despite growing hopes for an altcoin season, most indicators point to the alternative.
CoinMarketCap’s Altcoin Season Indicator is currently at 23, which still signals “Bitcoin Season” until the indicator crosses the 75 level.
One silver lining to the correction is that investors could view the record $19 billion liquidation event as a buying opportunity in a dynamic that might propel Bitcoin's rise to $200,000 before the tip of the 12 months, Geoff Kendrick, global head of digital asset research at Standard Chartered, told Cointelegraph.
