Grayscale, an asset management company, indicates that the third quarter of 2025 may represent a "different from the past" altcoin season, partly due to the poor performance of Bitcoin and the influence of centralized exchanges.
According to a report released by Grayscale on Thursday, while the returns in the cryptocurrency-related market, including Bitcoin (BTC), Ethereum (ETH), AI, and smart contracts, were all positive in the third quarter, this quarter may stand out as an "altcoin season." The asset management company noted that the smart contract sector benefited from stablecoin legislation—likely referring to the GENIUS Act signed into law in the U.S. in July—while AI, currencies, and BTC lagged behind.
"Bitcoin's performance is weaker than other market sectors, and the return pattern can be seen as a crypto 'altcoin season'—although it is different from other periods when Bitcoin's dominance declined," the Grayscale report stated.
Other themes in the report include a surge in the number of crypto treasuries holding various tokens on their balance sheets, greater adoption of stablecoins in the U.S., and an increase in trading volume on centralized exchanges.
Grayscale speculates that other U.S. policies, including the digital asset market structure bill pending in Congress, may help drive the crypto market in the fourth quarter of 2025.
Despite BTC prices soaring in the third quarter, reaching a historic high of over $120,000 in August, its performance still lagged compared to other assets. Research indicates that Bitcoin and altcoins are trailing behind gold and stocks in reaching historic high prices, partly due to stablecoins leaving exchanges.
As one of the largest asset management companies providing cryptocurrency exchange-traded funds (ETFs), Grayscale has been a pioneer in digital asset investment tools.
The company reported that the U.S. Securities and Exchange Commission (SEC) recently approved new listing standards for crypto ETFs, which may also help drive the market in the fourth quarter. This U.S. regulatory agency has already approved one of its multi-asset crypto exchange-traded products, which offers exposure to BTC, ETH, Ripple (XRP), Solana (SOL), and Cardano (ADA).
Related: Novogratz: The "biggest bullish catalyst" for Bitcoin (BTC) may be the next Federal Reserve chair nominee
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