There has been a sharp decline in altseason social engagement, with volume and dominance both retracing to April levels, according to Santiment.

The slump comes despite strong July catalysts such as regulatory progress, real-world asset tokenization momentum, Ethereum’s revival, and record ETF inflows. “Yet crowd attention hasn’t rotated into altcoins,” observed analyst Chyan on Wednesday.

“Without a Bitcoin breakout and renewed risk appetite, altseason remains on pause,” they said.

The chart shows spikes in social volume in late February, late May, and mid-July, but it has now fallen back significantly.

Altseason Hopes Fade

The analyst opined that market cycles when all altcoins went up are “a thing of the past” as the hype isn’t even close to the first quarter of 2024 when the Bitcoin ETFs launched.

However, Santiment did identify a few crypto assets that were trending at the moment, including Litecoin, Stellar, and USDC.

CoinMarketCap’s altseason index is a low 36 out of 100, which suggests that it remains a long way off at the moment. It topped 50 in mid-June during the market rally but has fallen back along with the prices of most altcoins.

The Blockchain Center’s altseason index shows a similar low rating of 35, while Bitget’s altcoin season index is an even lower 34. All three indexes report that the best-performing altcoins over the past month are memecoins.

Bitcoin dominance is also an indicator of the approach of altseason, and it remains high at 61.6, according to TradingView. Its market share fell to a six-month low on July 21, but it has been uptrending again since, as the asset holds around $116,000 while most of the altcoins continue to bleed.

Nevertheless, Ethereum usually leads altcoins into a rally, and it too has been holding up and remaining within its range-bound channel.

Some analysts are still looking at previous bull market cycles and predicting the same again this year.