No Altseason Yet: Bitcoin Remains the Safer Bet, Analyst Warns

Cowen pointed to a key sentiment indicator — the social risk metric — which shows that interest in altcoins is fading fast.

He explained that Ethereum often acts as a barometer for the broader altcoin market. As ETH struggles, overall enthusiasm for crypto weakens, and altcoins typically lose ground to Bitcoin.

Recent drops in Ethereum’s price have coincided with a sharp decline in social media engagement around crypto, reinforcing his view that altcoins will likely continue underperforming.

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However, Cowen notes that the situation could eventually shift. He believes a loosening of US monetary policy could breathe new life into altcoins.

But before that happens, he says the markets need to endure more economic pain — a necessary step, in his view, before policymakers respond by easing financial conditions. Until then, he expects Bitcoin to stay dominant as investors shy away from higher-risk bets.

Cowen also pointed out that while many traders remain eager for an “altcoin season,” the broader environment isn’t supportive yet. In his view, hopes for a rapid rebound are misplaced without significant changes in economic policy, and for now, the safest play remains sticking with Bitcoin as the market weathers ongoing volatility.



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