ETF Rotation Fails to Trigger Altseason as Crypto Market Remains Concentrated

The crypto market has seen a recent influx of capital into Ethereum (ETH), XRP, and Solana ETFs, with almost $59 million invested on Sept. 9, while Bitcoin products lost $120.24 million.

This rotation is part of the expanding crypto ETF market, where investors have more ways to move beyond Bitcoin, but their money remains concentrated in a handful of large assets rather than cascading through the broader token market.

The Altcoin Season Index, which measures when 75% of the top 50 eligible cryptocurrencies outperform Bitcoin over 90 days, stood at 37 on Sept. 9, well below the required threshold.

This divergence is becoming a defining feature of the crypto ETF market, where institutional investors are shifting their allocations among regulated crypto categories without venturing much further into the broader token market.