Key Takeaways
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Bitget CEO Gracy Chen says the 2025 “altseason” is effectively cancelled after the October 11 market crash.
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Investors are shifting from speculative altcoins to real-world, utility-backed projects.
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Chen believes the Digital Asset Treasury (DAT) bubble may also be nearing its end.
The long-hyped altseason may not just be delayed — it might be dead altogether.
According to Bitget CEO Gracy Chen, the Oct. 10 market crash — which erased nearly $19 billion in leveraged positions — has effectively shut the door on any short-term altcoin rally.
Altseason Is Over—At Least for Now
In a post on X, Chen shared that after speaking with market makers and venture capital firms, the sentiment across the industry is clear: the risk-reward ratio for trading altcoins has collapsed.
“Let’s be real — the alt season will not come in 2025 or 2026,” she wrote. “The only exceptions are infrastructure projects with real-world resources, like stablecoins, RWAs, and payment solutions — but even these likely won’t issue tokens.”
Chen said the crash has changed the way investors think.
Rather than chasing speculative gains in memecoins and microcaps, traders are gravitating toward projects tied to tangible value — things like stablecoin infrastructure, tokenized real-world assets (RWAs), and payment networks that actually generate revenue.
That pivot reflects a wider market sentiment: crypto’s “casino era” might finally be fading, replaced by a quieter phase of fundamental building.
DAT Bubble Nearing Its End
Chen also warned that the Digital Asset Treasury (DAT) boom may be on its last legs.
While the concept — companies creating treasury-backed digital tokens — helped raise capital, most recent deals have been “in-kind” swaps rather than true investments.
“From the perspective of project teams and advisors, DATs make sense because they raise funds,” she said. “But for investors — whether you’re in early or buying later in public markets — you’ll probably end up on the losing side.”
With little organic demand for long-tail DAT tokens, the model could fizzle out just as quickly as it exploded.
Market Still Healing, But Top Is Yet to Come
Chen admitted the market is still nursing its wounds.
Trading volume across centralized exchanges has dropped sharply, and some major market makers have been liquidated after ramping up leverage.
“Trading isn’t easy right now,” she said. “This isn’t like one or two years ago when you could buy without thinking, but it’s also not the peak of a bull market where you should sell without thinking.”
She believes the market hasn’t yet reached its true top — that moment of irrational euphoria that typically ends a bull cycle.
Every cycle, Chen noted, has its Black Swan event:
- In 2017, it was the ICO collapse.
- In 2022, the FTX implosion.
- And in 2025, it could be the institutional leverage-driven bank runs.
For now, the message is simple: the hype is gone, and patience is back in style.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
