Bloomberg Analyst Discusses the Beginning of Altcoin Season, But Has Bad News!

Altcoin season hasn't quite gotten underway. While Ethereum broke its 2021 ATH in recent weeks, many altcoins are still far from their previous ATHs. While expectations for a major altcoin season remain, rally hopes are pinned on October and beyond, which has historically been known as a bullish month. However, Bloomberg ETF analyst James Seyffart made a prediction that would upset investors. Speaking in an interview with Milk Road, James Seyyfart said that the current market is already in an “altcoin season,” and that the current cycle is not like past cycles. Seyffart said that unlike past cycles where altcoins experienced massive price increases, this cycle was led by digital asset treasury companies (DATCOs). At this point, the analyst stated that unlike previous cycles where individual investors largely fueled altcoin rises, this cycle was driven by institutional investors, with many well-established firms actively investing in various altcoins. A Bloomberg analyst noted that altcoin ETFs are generating significant upward momentum, but not in the same way Bitcoin is. Seyffart cautioned that altcoin ETFs are unlikely to generate the same market reaction as Bitcoin. “Will altcoins reach the level of interest that the Bitcoin ETF launch saw? Absolutely not.” The analyst also noted that multi-asset basket ETFs will attract more capital than single-asset altcoin ETFs. *This is not investment advice. Continue Reading: Bloomberg Analyst Discusses the Beginning of Altcoin Season, But Has Bad News!