The final quarter of 2024 brought significant changes to the cryptocurrency market. In October, the U.S. SEC sued crypto market maker Cumberland DRIW, while Kraken launched its Layer 2 Ink on Optimism’s Superchain. November saw Bitcoin hit a new all-time high and Gary Gensler announce his resignation. December highlights included Bitcoin surpassing $100K, Coincheck going public, and the SEC approving the first spot BTC-ETH combo ETFs. Despite volatility, institutional interest in Bitcoin remained strong, with increased corporate holdings and the launch of spot Bitcoin ETF options.

The past two years have challenged the traditional altseason playbook. Liquidity is increasingly concentrated in Bitcoin and a select few altcoins, regulations are evolving, and Bitcoin’s growing adoption as a treasury asset further complicates the landscape. Looking ahead, altseasons may become a thing of the past, necessitating a more nuanced categorization beyond just ‘altcoins,’ as correlations in returns, growth factors, and liquidity among crypto assets are diverging significantly over time.