- Blockstream’s founder urged altcoin holders to jump onto the BTC treasury bandwagon
- Altcoin Season Index’s reading dropped to a two-year low
Blockstream Co-Founder and CEO Adam Back has urged altcoin investors to reposition to crypto treasury stocks after Bitcoin [BTC] dominance hit a new cycle high.
He specifically stressed opting into a BTC-focused firm, stating that the “treasury season” has replaced “alt season.”
“TSRY SZN is the new ALT SZN for speculators. Time to dump ALTs into BTC or BTC treasuries.”
He went on to add,
“Yes, but I was encouraging them to find a way out of alts. Maybe they can make back their losses by switching to btc by way of treasury companies.”
Bitcoin’s dominance tops new cycle high of 66%
This is the second clarion call Back has made to altcoin investors. Last week, he cautioned that Cardano’s move to diversify $100M ADA reserves into BTC was a warning shot to those with heavy investments in the altcoin space.
His argument was solid though. For example – On a year-to-date (YTD) basis, an aggressive Solana [SOL] treasury firm DeFi Development Corporation’s stock, DFDV, soared by 2,800%.
It outperformed all other top crypto assets and treasury firms in H1 2025.
Over the same period, Metaplanet (MTPLF) offered 452% in investor returns. The first top altcoin on the post with some meaningful returns was Hyperliquid with 34%.
Strategy (MSTR) posted 23% gains on a YTD basis, while BTC was up 8% over the same period. On the other hand, Solana [SOL] and Ethereum [ETH] were down 23% and 32%, respectively.
Source: Crypto assets vs crypto treasury performance, TradingView
On this limited timescale alone, only HYPE showed remarkable gains. However, it still underperformed DFDV and Metaplanet, with three to four figure returns.
Adam’s position was further cemented after BTC topped a new cycle high of 66% over the weekend. During the Sunday sell-off, BTC’s dominance jumped to 65.95%, up 6% from its May low of 61%.
Put differently, Bitcoin’s market strengthened relative to altcoins from mid-May, leading to a new wave of weakening across most altcoins.
Source: Bitcoin dominance (TradingView)
Meanwhile, the Altcoin Season Index’s reading dropped to 12, marking a two year low, noted market analyst Michael van de Poppe.
This further underscored the fact that the altcoin market has underperformed BTC, despite select outliers like HYPE.
Ergo, crypto treasuries have offered outsized returns, outperforming even underlying assets like BTC and SOL. So, they may be worth tracking alongside resilient outliers like HYPE.
