TLDR
- Google searches for “altcoin” and “Ethereum” have reached multi-year highs, with altcoin searches hitting a five-year peak
- At least 31 altcoin ETF applications were submitted to US regulators in the first half of 2025, with analysts giving high approval odds
- Corporate treasuries are expanding beyond Bitcoin to include Ether, Solana, and other altcoins worth billions of dollars
- The total crypto market cap increased 2.31% to $4.11 trillion, with Ethereum surging 81% over 90 days compared to Bitcoin’s 17%
- The Altcoin Season Index rose to 39, approaching the 75 threshold historically linked to altcoin boom periods
Google searches for “altcoin” have reached their highest level in five years, while Ethereum searches peaked at a two-year high according to Google Trends data. The surge comes as the total crypto market cap rose 2.31% to $4.11 trillion in the past 24 hours.
The search interest mirrors previous periods of retail enthusiasm. In early 2018, altcoin searches spiked months after Bitcoin’s late-2017 peak as attention turned to new cryptocurrencies launched through initial coin offerings. A similar pattern occurred in early 2021 during a broad rally fueled by decentralized finance and non-fungible tokens.
Bitcoin’s dominance has fallen from 65% to 59% over two months, indicating a shift toward alternative cryptocurrencies. The Altcoin Season Index rose to 39 from 29 a month ago, moving closer to the 75 threshold often associated with full altcoin seasons.
Ethereum has surged 81% over the past 90 days compared to Bitcoin’s 17% gain. The largest altcoin is now trading around $4,722, approaching its all-time high of $4,878 set in November 2021.
Decentralized exchange trading volumes hit a quarterly record of $898 billion in Q2 2025. CoinShares reported $2.12 billion in Ethereum-related investment product inflows, marking record levels for non-Bitcoin crypto investments.
ETF Applications Drive Institutional Interest
US regulators received at least 31 altcoin ETF applications in the first half of 2025. Canary Capital submitted a proposal in March for a SUI spot ETF that directly tracks the Sui token, potentially marking the first US ETF to hold SUI.
Bloomberg Intelligence analysts Eric Balchunas and James Seyffart give 95% approval odds for Solana, XRP, and Litecoin ETFs. Additional applications for Dogecoin, Cardano, Polkadot, Hedera, and Avalanche ETFs have approval odds as high as 90%.
Cboe BZX requested approval to list Canary’s SUI fund, while Nasdaq filed paperwork for 21Shares’ spot SUI ETF. The SEC has initiated formal review processes for multiple altcoin ETF proposals.
Corporate Treasuries Embrace Altcoins
Corporate treasury strategies are expanding beyond Bitcoin to include diverse altcoin portfolios. Companies like Metaplanet, BitMine, and SharpLink Gaming collectively hold billions of dollars in Ether, with many staking their holdings to earn additional yield.
DeFi Development Corp holds nearly one million SOL tokens worth about $200 million at current prices. The company stakes these tokens to generate additional returns from network participation.
Upexi increased its SOL holdings to two million tokens in July, with most being staked for yield generation. The trend extends beyond Ethereum and Solana to other major altcoins.
Chainlink launched the Chainlink Reserve on August 7, a mechanism that converts usage fees and enterprise payments into LINK tokens. This system aims to boost long-term network sustainability through token accumulation.
Recent price performance shows strong gains across major altcoins over the past week. XRP gained 10%, Solana rose 19.3%, SUI increased 15%, and Chainlink surged 43% during this period.
