Santiment announced the start of the alt season

Market data indicates the start of the alt season, but there are concerning signals. This was stated by specialists from Santiment.

Bitcoin has updated its historical maximum at levels above $118,000. Against this backdrop, most leading cryptocurrencies have outperformed the flagship in price dynamics over the past seven days.

Data: CoinGecko. The largest Ethereum wallets ( with 10,000 ETH and more ) have collectively accumulated 75.74% of the total coin supply. This is the highest concentration level of the asset among whales since May 2017, and it serves as a "strong bullish signal," experts from the company noted.

The number of XRP wallets holding more than 1 million coins has reached an all-time high of 2743. The volume of the cryptocurrency they own has also increased. Both trends are considered a "very positive sign" for the Ripple asset, highlighted Santiment.

According to analysts, the alt season will continue as long as Bitcoin remains above the key psychological level of $110,000. In this situation, traders feel comfortable reallocating profits from the rise of digital gold into other coins, they added.

Experts advised to exercise caution

One of the alarming signals is the value of the MVRV metric for Bitcoin. The market price to realized value ratio of the asset has already surpassed the recorded value in May against the backdrop of the previous ATH, which was followed by a correction.

Data: Santiment. Santiment also noted the leadership in weekly growth across meme coin segments — up 17%. This potentially indicates the concluding phase of the market rally, experts believe.

"When speculative assets lead the market, it may indicate that greed is reaching its peak," they noted.

For Ethereum, a disturbing signal is the extremely optimistic sentiment regarding the asset. Typically, this indicates an approaching short-term price peak, Santiment stated.

The alt season index from CoinMarketCap is at 27. The value indicates that traders still prefer Bitcoin.

Data: CoinMarketCap. The dominance of the first cryptocurrency is 62.5%. Analyst Matthew Highland noted that despite this, altcoins have shown impressive growth. However, the real rally will begin after Bitcoin's dominance is reduced to 45%, he is confident.

BTC dominance hasn't even sneezed and Alts are ripping

What do you think happens if it drops from 65 to 45….

— Matthew Hyland (@MatthewHyland_) July 11, 2025

Let us remind you that Blockstream co-founder and CEO Adam Back called the boom of corporate bitcoin treasuries a profitable alternative to alt season.