Bitcoin’s underperform signals are ‘unique’ Q3 Altseason – Grayscale

Asset management company Grayscale suggested that the third quarter of 2025 could represent an Altcoin period “different from the past,” based in part in bitcoin’s underperformance and a strengthening from centralized exchanges.

According to a Grayscale report released On Thursday, even returning to crypto -related markets, including Bitcoin (Btc), Ether (Eth), AI, and smart contracts, are positive in Q3, the quarter can stand as an “alt season.” The asset manager said the sector of the wise contracts benefited from the Stablecoin law – the Genius Act is likely to be determined signed by law In the US in July – while AI, the money and BTC were caught.

“The bitcoin underperformed other segments of the market, and the return pattern can be considered a crypto ‘alt season’ – though different from other periods of the collapse of Bitcoin’s dominance in the past,” said the Grayscale report.

Among the other themes in the report was a climbing number of crypto wealth holding various tokens in their balance sheets, further adopting stablecoins in the US and rising quantities in centralized exchanges.

Grayscale thinks other US policies, including a digital structure of the asset market pending in Congress, will help driving crypto markets in the four quarter of 2025.

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Although BTC prices increased significantly to Q3, which reaches a full time of over $ 120,000 in August, its performance is still caught compared to other properties. Research suggested that the bitcoin and altcoins falls behind gold and stocks in reaching new high-price hours, in part due to stablecoins leaving exchanges.