The crypto market enters a phase of extreme fear that stalls the expected altcoin season, with the sentiment indicator recording readings in the teens and the Altcoin Season Index sitting in the mid-low zone (around 24–27). In that context, Uniswap (UNI), Ethena (ENA) and Immutable (IMX) show episodic rebounds that attract selective capital and expose sector rotations, reflecting a clear preference for Bitcoin.
The Crypto Fear & Greed Index was operating around 17, close to an annual low of 15, a reading that denotes risk aversion and increased caution among investors, according to the indicator itself. The Altcoin Season Index (ASI) remains in the mid-20s range, a reading that technically places the market in “Bitcoin Season” — that is, most altcoins do not compete with BTC.
Bitcoin has acted as an anchor for sentiment: its price oscillated around $94,000 after having fallen below $90,000 and at times touched levels near $82,000, moves that generated liquidations and reduced appetite for more illiquid bets. That concentration of capital in BTC and ETH, along with institutional attention on spot ETFs, has drained liquidity from mid- and small-caps, a structural factor that partly explains the stagnation of altcoin season.
Sentiment and Bitcoin’s effect on altcoins
Uniswap (UNI) stands out for a combination of protocol usage and governance catalysts. The proposal to activate a fee switch at the protocol level has driven purchases and accumulation by large addresses; in a recent period UNI recorded cumulative rises of 48% with daily peaks of 5.2%, 13% and 20%. In addition, the protocol accumulated approximately $222 million in fees in the last month (annualized projection around $2 billion) and records historic trading volumes that the report places at $3 trillion in aggregate volume. These data come from the protocol’s own activity records and cited reports.
Ethena (ENA) rises on its thesis around USDe, a synthetic asset conceived as an “Internet Bond,” and its staked version, sUSDe, which trades near $1.20. ENA broke resistances near $0.70 after an 18% rebound and is technically described as a double bottom which, according to cited analyses, could project toward $0.82; however, the token unlock calendar — which groups events in projects like Ethena, Sui and EigenLayer for an approximate total of $339 million — introduces a risk of selling pressure that should be monitored.
Immutable (IMX) is supported by its focus on gaming and NFTs; its technical stack includes base contracts derived from Uniswap V2 and developer activity in the game pipeline keeps directed capital interest. Its behavior illustrates how specialization and execution in verticals with real adoption can sustain flows even in low-participation markets.
Altcoin season remains blocked by extreme sentiment and liquidity concentration in BTC/ETH; meanwhile, projects with specific catalysts capture flows.
