Retail traders shifted back to major cryptocurrencies like Bitcoin and Ether after the October liquidation event dashed hopes for an altcoin season. Data reveals that retail investors quickly pivoted back to majors following the market crash, showing a defensive posture amid concerns of contagion and a bear market. Altcoin rallies in 2025 lacked conviction, with the average rally lasting only 19 days, down from 60 days the year before.

Wintermute’s report highlights that the move back into majors prevented an altcoin season this cycle, as altcoins significantly underperformed in 2025. The report notes that altcoin rallies failed to persist, lasting an average of just 19 days, reflecting reduced conviction and tactical risk-taking. This led to altcoin rallies feeling more like tactical trades rather than high conviction trends.

While altcoins have yet to gain momentum in 2026, fears over the October crash have subsided, boosting confidence among investors. Total market capitalization has reached its highest level of $3.34 trillion this year, following a $300 billion gain since Jan. 1. Bitwise’s chief investment officer believes investors have put the October crash behind them, contributing to the recent rally.

Read more at Cointelegraph: October Crash Ended Altseason, Says Wintermute Report