DWF Labs' Andrei Grachev Says Classic Altseason Is Over as CMC Altcoin Season Index Stalls at 45

On 15 March 2026, DWF Labs managing partner Andrei Grachev argued that the familiar broad altcoin season has structurally ended, replaced by brief, aggressive rotations between narratives. He linked this shift to spot Bitcoin and Ether ETFs and institutional flows concentrating liquidity in large caps, while the CoinMarketCap Altcoin Season Index stayed at 45 out of 100, still in Bitcoin Season territory. Grachev still anticipates new all-time highs for major assets in the first half of 2026 but expects only a few sectors such as tokenized real-world assets and growth-focused infrastructure to benefit.