Alt Season Is Here?

GM Anon!

Markets got a jolt this week — softer PPI had risk assets humming and crypto took full advantage. BTC ETFs pulled in $1.3B while ETH ETFs snapped back with $370M, giving majors a serious tailwind. SOL stole the spotlight with +20% after Galaxy dropped a cool $530M, and DOGE barked +36% on its shiny new ETF.

Alts weren’t left behind either — WLD +80%, MNT +46%, and memes like PUMP and BONK kept retail spinning. The Altcoin Season Index hit 78, and you know what that means… are we finally in alt season? Let’s break it down!

TLDR

• Softer U.S. PPI boosted markets; ETH +9.7%, SOL +20%, DOGE +36.7% led majors.

• BTC ETFs +$1.32B this week, ETH ETFs +$370M, strongest flows Sept 10–11.

• BlackRock, NASDAQ, VanEck push new ETF/tokenization products.

• Spot buys: Strategy $217M BTC, BitMine $201M ETH, Galaxy $530M SOL.
  IPO/fundraising active: Figure +24%, Gemini IPO, Metaplanet +$1.4B raise.

• DAT/tokenization momentum: Mogu $20M, AVAX $1B, Ant Digital $8.4B.

• Stablecoin battles: USDH bid to Native, Ethena pivots HYPE, MegaETH launches USDm.

• Alts ripping: MNT +46%, WLD +80%, BONK/PUMP/PEPE/MemeCore +25–35%, MYX +983%.

• Mindshare: SOL and PUMP top; memes led by CARDS, TROLL, PEP.

• Regulation mixed: SEC under fire, CFTC eyes foreign platforms, Vietnam pilot, Russia stablecoin pushback.

Market Update

Crypto markets pushed higher this week, helped by softer U.S. PPI data that reinforced expectations of a cooling inflation trend. Risk assets broadly firmed on the print, with ETH leading gains among majors. That macro tailwind blended with strong sector-specific flows, leaving traders with plenty to watch across ETFs, SOL’s rally, and the expanding DAT and tokenization narrative.

Spot BTC ETFs pulled in $1.32B in net inflows this week, with back-to-back blockbuster sessions on Sept 10–11 adding more than $1.2B between them, led by BlackRock’s IBIT and Fidelity’s FBTC. Even though flows slowed into Friday with only +$5.7M, the week still ranked among the strongest since summer.

ETH ETFs added $370M across the week, including +$171M on Sept 10 and +$113M on Sept 11. That marked a decisive rebound after earlier September weakness, suggesting institutions are rotating back into ETH alongside BTC. These ETF flows provided a firm floor under the market, amplifying the post-PPI bid.

ETF product development is also pushing ahead. BlackRock is exploring tokenization of its ETFs, while NASDAQ filed with the SEC to tokenize stocks. VanEck is preparing a HYPE spot staking ETF, though the SEC has delayed decisions on other staking-linked products. The CBOE is preparing perp-style futures for BTC and ETH, while Grayscale filed for new vehicles tied to HBAR, LTC, and BCH. Together, the flow data and product pipeline point to a market where institutional rails are both deepening and diversifying.

Spot flows outside ETFs remain strong. Strategy disclosed a $217M BTC purchase, while Pop Culture Group and Robin Energy also added exposure. ETH demand held firm with BitMine’s $201M buy, reinforcing ETH’s outperformance post-PPI. The real standout, though, has been SOL, which led majors after Galaxy Digital’s $530M purchase and the expanding DAT narrative. The FTX estate also redeemed $45M in staked SOL, while meme tokens on SOL surged in sympathy with the chain’s renewed momentum.

The capital markets side of the industry stayed busy. Figure Tech shares rallied 24% after its IPO, while Gemini is preparing to go public this week with an increased price range. CoinShares plans to shift its listing to a U.S. exchange, and Metaplanet upsized its discounted $1.4B raise, backed by a $30M equity commitment from KindlyMD. 

Exchanges remain locked in competition: Bitstamp overtook Robinhood’s volumes in August, while Robinhood is preparing to roll out copy trading. Prediction markets also heated up, with Kalshi surpassing Polymarket in weekly volumes. On the infrastructure side, Ledger introduced an enterprise mobile app even as its CTO warned of supply-chain risks.

The DAT and tokenization wave is accelerating. Mogu in China announced a $20M DAT, while the UK’s Smarter Web DAT is positioning to acquire struggling rivals. The AVAX Foundation is targeting a $1B raise to set up DATs. Partnerships are scaling: Chainlink is teaming with UBS to automate tokenized fund ops, Binance and Franklin Templeton are working together on RWAs, and Ant Digital is putting $8.4B in energy assets on-chain. These moves highlight how quickly the tokenization race is shifting from proof of concept to real capital commitments.

Concurrently, Kraken has offered to list Paxos-issued USDH, where Native Markets is now the favorite to win the issuer bid after Ethena withdrew. Ethena, however, joined the race to back HYPE’s native stablecoin, while MegaETH launched USDm in partnership with the project. Justin Sun also unveiled a new Ethereum-based stablecoin. Globally, regulators are testing new models: Kazakhstan announced a National Crypto Fund, Hong Kong proposed capital rules for banks holding crypto, and Russia floated the idea of a dedicated crypto bank to combat fraud.

Alts and memes had a lively week. HYPE hit $55 and set a fresh ATH as proposals for a native stablecoin gained traction. MNT pushed into record territory with FDV nearing $9.6B. WLD rallied 40% after Eightco raised $250M for its treasury, while Arthur Hayes disclosed a $1M buy of ENA ahead of Hyperliquid’s governance vote.

PUMP surged past $6B in value after multiple exchange listings and record buybacks, nearing ATHs. DOGE was in focus with the launch of a DOGE ETF, alongside reports that CleanCore bought more than $500M DOGE this week. NFT and gaming-linked projects stayed active: Linea held its TGE with a 9.4B token airdrop, Meteora prepared for an October launch of MET, REKT rebounded to a $400M valuation, and IP hit fresh highs after Heritage clarified its strategy.

The regulatory backdrop remains complicated. The SEC is under fire after reports it destroyed Gary Gensler’s texts, with Coinbase leading criticism. Democrats are pressing for more crypto representation within the SEC and CFTC to ensure the new bipartisan bill advances, while the CFTC is exploring recognition of foreign crypto platforms.

India continues to resist comprehensive regulation, even as Vietnam approved a five-year pilot for regulated trading. Russia accused the U.S. of weaponizing stablecoins, adding geopolitical weight to the stablecoin debate. In Washington, Congress requested a detailed report on U.S. BTC reserves, showing political appetite for more transparency.

Overall, the market is being lifted by a confluence of forces: softer macro data, blockbuster ETF inflows, SOL’s renewed dominance, and the surge in DAT and tokenization initiatives.The ETF inflows this week were particularly important: they not only cushioned volatility but also powered majors higher despite issuance and rotation into alts. For traders, the near-term setup looks constructive, but with so much capital chasing new narratives, rotation risk remains high and timing exits around flow-driven spikes will be critical.

Market Data Points

BTC’s mining difficulty has climbed to a new all-time high of 134.7 trillion, highlighting the network’s resilience and long-term upward trend despite a slight pullback in hashrate from August’s peak. The rising difficulty reflects growing competition among miners and tighter margins across the industry, raising concerns over further centralization as large corporations and pools absorb more share. 

Still, solo miners continue to occasionally defy the odds, with several blocks in recent months won by individuals through the Solo CK pool—proof that while industrial players dominate, smaller participants can still strike lucky in BTC’s mining ecosystem.

Strategy has purchased an additional 1,955 BTC, lifting its total stash to 638,460 BTC as of September 8, 2025. The move reflects the firm’s ongoing, methodical accumulation strategy. At today’s prices, that puts Strategy’s position well into the tens of billions, a scale that rivals sovereign holdings and highlights just how deeply some institutions are embedding BTC into long-term treasury strategy.

Daily active addresses across Solana’s memecoin launchpads have stabilized after months of volatility, now holding steady around 90k users. Pump.fun continues to dominate with over 81k addresses, while LetsBonk maintains a distant second at 7.6k. 

Smaller players like Sugar, Bags, and Moon.it contribute marginal activity. The trend shows that despite fading hype spikes earlier in the year, activity has consolidated at a sustainable base level—suggesting a more stable, though concentrated, user ecosystem.

The Altcoin Season Index has surged to 78, signaling a clear tilt toward altcoin dominance. Historically, readings above 75 suggest altcoins are broadly outperforming BTC, attracting capital rotation and fresh speculation into majors like ETH, SOL, and LINK, as well as mid-cap plays. 

The move highlights shifting market momentum: while BTC consolidates, traders are increasingly chasing higher beta opportunities across the altcoin spectrum. If sustained, this phase could mark the beginning of a deeper alt-driven cycle.

Majors & Memes

Among the top ten, BTC gained just under 1%, showing consolidation after its breakout, while ETH outperformed with a strong +9.7% over the week. XRP was a standout, climbing +12.7%, while SOL surged nearly +20%, extending its run as capital rotated toward high-beta majors. BNB added +8.8% and ADA gained +14.5%, both showing steady strength. DOGE dominated the large caps, jumping +36.7% on ETF hype and heavy spot demand. TRX and LINK also posted solid weeks, up +6.6% and +14.9% respectively.

Outside the top ten, sector rotation was clear. MNT continued higher with a +46% gain, reinforcing strong momentum in L2 infrastructure. WLD rallied nearly +80% as treasury expansion news boosted sentiment. Memes were a major theme: DOGE was joined by BONK (+33%), PUMP (+33%), MemeCore (+35%), and PEPE (+27%), highlighting sustained speculative appetite in the sector.

Other notable winners came from new narratives and niche plays: MYX Finance exploded +983% on surging volumes, Aethir (ATH) gained +75% in the AI/gaming vertical, Plume jumped +62% tied to new ecosystem activity, and ARKM climbed +43% as interest in on-chain data plays picked up.

On the downside, weakness was concentrated in mid-cap infrastructure and alt-finance names. CRO slipped -5%, Maple Finance dropped -4.5%, and Tokenize Xchange (TKX) lost nearly -4%. Losses were relatively shallow compared to the upside, suggesting market breadth remains skewed bullish.

Mindshare

SOL dominated attention this week, carrying the largest share of market mindshare despite a small pullback in performance. The surge in discussion reflects both the Galaxy buy and the ongoing DAT narrative, keeping SOL front and center across the market. PUMP was the clear runner-up, maintaining strong visibility as exchange listings and buybacks pushed it near ATH levels.

Smaller but notable slices of attention went to Ethena Labs, Base, OpenLedger, Limitless, Linea, and MegaETH, showing traction for new infrastructure, stablecoin, and RWA plays. AVAX also retained a presence thanks to its $1B DAT ambitions, while Hyperliquid and Kaito AI registered modest negative sentiment despite high visibility.

Mindshare distribution overall highlights three themes: SOL leading majors, memecoins like PUMP anchoring retail buzz, and infrastructure/tokenization projects (Ethena, Base, AVAX, MegaETH) steadily gaining space in the conversation.

The biggest share of attention stayed with CARDS, consistently occupying the largest slice of the chart across the week. It’s been the anchor of meme discussions, though its dominance tapered slightly toward the end. TROLL held firm as the second key driver, with steady mindshare and occasional spikes in visibility.

STREAMER surged around Sept 8–9, briefly capturing a larger share of conversation before fading back into the pack. 67 and Tokabu both saw sustained presence in the mid-tier range, keeping steady visibility without dramatic swings.

Midfield names like WILD, SPARK, Mog, PEP, and IRYNA rotated in and out of prominence. PEP showed a late-week recovery in mindshare, suggesting renewed trader focus, while Mog maintained a steady foothold across most of the period.

Lower-tier but still noticeable mentions included memecoin, USDUC, KIND, URANUS, and Qstay, each registering bursts of activity tied to short-term pumps but lacking lasting presence. Smaller names like AOL, Block, FLIPR, AEROSPACE, and JET2 remained at the fringes with low but non-zero attention.

Smart Money Accumulation

This week in Solana smart money positioning, wallets showed a clear split between selective inflows and notable trimming. Rather than exiting the ecosystem, capital rotated into tokens with stronger narratives while reducing exposure to crowded or weaker plays.

SPARK led the gains with a 16.6% jump in allocations, nearing $1M across 12 wallets. HUCH also drew interest with an 8.6% rise, while CLANKER and 67 saw small but steady increases—signs of confidence holding up despite broader volatility.

The heaviest cuts came in Tokabu (-30.9%) and PUMP (-27.9%). Even though PUMP still holds the largest balance at just over $1M, smart money clearly reduced risk. Mid-caps like CARDS and LAUNCHCOIN also saw sharp outflows, while CLIPPY and FLIPR faced lighter trims.

Overall, flows show a risk-on but selective stance. Capital isn’t leaving Solana, but it’s being repositioned into tokens with stronger perceived momentum. That mirrors the wider market backdrop, where ETH strength and BTC stability have encouraged participation, though with a sharper focus on quality over breadth.

For the EVM side this week, accumulation data isn’t available, so the focus shifts to wallet allocations and balance sizes to gauge positioning.

PEPE dominates with a massive $31.55M balance across 4 wallets, far ahead of others. SPX stands out as well, with just over 1M tokens valued at $1.52M, suggesting lots of conviction. Other notable allocations include BITCOIN (~$538K), APU ($408K), Block ($251K), and CULT ($273K).

Smaller holdings like SHRUB, Mog, GROK85W, and LOOP remain tracked but modest in size. Overall, the picture is less about rotation and more about where capital is parked. The concentration in PEPE shows continued appetite for high-liquidity meme plays, while mid-tier tokens still attract measured allocations.

Compared with Solana, where wallets rotated selectively, EVM positioning looks steadier—capital is committed but without clear signs of new inflows. In the broader market backdrop of ETH strength, this reflects a steady, risk-on but cautious stance.

That wraps up this post—we hope you found the insights valuable. See you next week, anon! 🚀