Ray Youssef: The 2025 alts season has not just begun, but is already more than halfway through!

As Bitcoin (BTC) dominance falls to 59.3%—a new seven-month low, discussions in the market about "altseason" are heating up again. Many analysts believe this is just the beginning, but the CEO of the encryption platform NoOnes, Ray Youssef, bluntly stated: the altseason has already begun and is currently in the mid to late peak stage. This viewpoint challenges the market's general narrative of "just getting started."

BTC dominance falls, market sentiment rises

(Source: Trading View)

Recent data shows that the BTC.D ratio has fallen to 59.3%, the lowest level since February 2025. The altcoin season index from BlockchainCenter has risen to 53, which, although not reaching the traditional threshold of 75, indicates that funds are gradually flowing from Bitcoin to other assets.

Some observers believe that it is currently "Ethereum season," as ETH has absorbed most of the liquidity; while others believe that the strength of ETH is just a prelude to a larger-scale altcoin rebound.

Youssef: The real starting point is in April

Ray Youssef pointed out that the rhythm of the altcoin season often leads to misjudgments about its start and end. He believes that April 2025 will be the true starting point of this altcoin season, when ETH rebounds from $1,500, creating opportunities for bottom fishing in assets like DOGE, SOL, XRP, and ADA.

"From June to early July, the market has provided numerous opportunities for low-position buying. Now we are in the mid-term of the upward trend, and autumn is not far away." He described this year's market as a change of seasons—late July to early August is the height of summer, but autumn will soon arrive, and prices will fall like falling leaves.

Differentiation of Mature Altcoins and Meme Coins

Youssef believes that Solana (SOL) and mature altcoins like XRP have the potential to significantly increase their market value in this market cycle, and may even shed the "altcoin" label to become core market assets alongside ETH.

He pointed out that if SOL's network performance advantages in the payment field continue to manifest, it will pose a challenge to ETH.

At the same time, as institutional funds continue to flow into BTC and ETH, the volatility of these two major assets may decrease, instead creating a recovery space for meme coins such as DOGE, PEPE, SHIB, and FLOKI.

Institutional capital will extend the 'alts summer'

In Youssef's view, the entry of institutional funds will extend the active period of alts season, but the duration and beneficiaries will depend on actual utility and user base.

"When the encryption winter arrives, only projects with real applications and stable communities can maintain their value; those speculative tokens lacking utility and users will completely disappear." He emphasized that investors must be cautious in selecting targets during the summer, as autumn may arrive faster than expected.

Conclusion

Ray Youssef's perspective douses cold water on the market—while most believe that the altcoin season has just begun, he reminds us that we have already passed the halfway point. With BTC dominance declining, ETH leading strongly, and institutional funds changing market structure, the 2025 altcoin season may present a differentiated pattern of "mature assets leading the way, meme coins catching up." If investors want to seize the last bit of summer, they must act decisively before the funding and time windows close. For more real-time quotes and in-depth analysis, please follow the Gate official platform.