I noticed an interesting pattern—almost no one is talking about altseason anymore. Mentions of this term on social media have dropped to a minimum over the past two years, according to Santiment. This is quite telling.

Usually, when everyone is shouting about altseason, that’s the market top. When it’s quiet, major players begin accumulating silently. And historically, after such periods of calm, rallies have indeed followed. The correlation isn’t perfect, but it’s hard to ignore if you look at several cycles in a row.

Why this apathy right now? It’s clear—altcoins have simply been killed. Dogecoin is down by about 75% from the cycle peak, Solana has lost more than 60%, and Cardano has fallen by more than 70%. Capital is flowing massively into Bitcoin and stablecoins. There’s nothing to celebrate if you’ve been holding alts all this time.

Other indicators confirm it. The Fear and Greed Index jumped between fear and extreme fear for most of February and March. Google Trends for searches like “best cryptocurrencies to buy”—a steady zero. People aren’t even looking for what to buy.

But here’s what’s interesting—on the blockchain, the picture is different. The number of Bitcoin wallets with a balance above 100 BTC at the end of February for the first time came close to 20,000. Big investors are accumulating on the decline. This could be a real signal.

The problem is that altcoins are currently dependent on Bitcoin stabilizing. And Bitcoin is weighed down by geopolitical tension and overall pressure on financial markets. Conditions for an altseason have not yet ripened, but market psychology is already starting to form in the right direction.

Meanwhile, CME Group plans to launch Bitcoin volatility futures in June—another sign of growing institutional interest. The market is gradually changing.

In general, the lack of hype about altseason might be the most bullish signal right now. History shows that when no one is talking about alts, that’s exactly when they start to move. It’s worth keeping an eye on.