I noticed an interesting phenomenon in the market over the past few weeks. Almost no one is talking about the altseason. It may sound strange, but such silence often turns out to be a strong bullish signal.

Santiment data show that mentions of the term altseason on social media have fallen to an absolute minimum over the past two years. This is not just by chance. When everyone is shouting about the altseason, it usually means a local peak. When nobody is talking about it, large investors historically begin accumulating positions. The correlation between periods of silence and subsequent rallies is quite clearly observable.

Market apathy is fully justified. Altcoins really have dropped sharply. Dogecoin has lost about 75% from its peak value, Solana is down by more than 60%, and Cardano has fallen by 70%. In recent months, capital has been flowing into Bitcoin and stablecoins rather than into low-cap tokens. If you held alts during that period, there’s really nothing to be happy about.

Other sentiment indicators confirm this exhaustion. The Fear and Greed Index has mostly fluctuated between fear and extreme fear. Google searches for queries like “best cryptocurrencies to buy” remain at zero, while searches for “Bitcoin to zero” have set a record. This shows that even interest in Bitcoin from retail investors has practically disappeared.

But this is where it gets interesting. At the blockchain level, the picture starts to diverge from sentiment. The number of Bitcoin addresses holding more than 100 BTC is increasing. Whales are accumulating on dips. And here another correlation shows up—one that’s hard to ignore. Every period of silence about the altseason in the past has coincided with a subsequent price recovery.

However, the conditions for a full-fledged altseason have not yet been met. The market needs Bitcoin stabilization before capital starts moving into riskier assets. External factors are still putting pressure on financial markets. But psychology is already changing. When everyone is disappointed and silent, it often means big players are preparing their next move.

A word on XRP. The coin is rising amid high volume and active whale accumulation. Integration into the Rakuten payment app for tens of millions of users, with the ability to spend and earn tokens through bonuses, is a serious step toward real-world use. Although XRP has not yet confirmed a sustainable reversal and remains in a broader downtrend.