Bitwise Asset Management Chief Investment Officer Matt Hougan believes the classic altcoin season that crypto investors expect may no longer exist. In a recent interview with Paul Barron, Hougan explained that previous market cycles followed a predictable pattern where capital moved from Bitcoin to Ethereum and then into increasingly speculative assets like DeFi tokens and NFTs.

According to Hougan, the next phase of the market will likely look very different. Instead of a broad rally where nearly every altcoin surges, the upcoming cycle may focus on projects with real-world utility, strong fundamentals, and sustainable business models. This shift could mark the beginning of what he describes as a “non-traditional altcoin season.”