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It’s a valid concern, and to answer it, we need to look at what’s really moving the market. The key difference between then and now isn’t just in the charts—it’s in the type of money driving the rally.
Many investors remember the explosive, but short-lived, rally in November 2024. Fueled by a pro-crypto political narrative and retail excitement, legacy altcoins, often called “dino coins,” saw massive gains. However, that rally was built on a fragile foundation.
Analysis from the period shows it was driven by extreme speculation and a record number of , particularly for assets like Cardano. It was a bubble of “hot money” that popped as quickly as it formed, leaving many traders caught in a classic fakeout.
Fast forward to August 2025, and the story is fundamentally different. While Bitcoin Dominance is falling again, the engine behind this rally is not retail leverage. It’s institutional, spot-based accumulation, and it’s focused squarely on Ethereum.
The current market strength is being powered by two major forces. First, U.S. spot Ethereum ETFs have seen staggering inflows, with nearly $5 billion pouring in over the last month alone. Second, a powerful new trend of “” has emerged. Publicly traded companies like BitMine, SharpLink Gaming, and Fundamental Global are now raising billions to buy and hold ETH on their balance sheets as a primary reserve asset. This is “sticky capital”—long-term investment, not short-term speculation.
So, to answer Gambardello’s question: this time appears to be different. The November 2024 rally was a speculative fever dream built on leverage. Today’s market is being built on a more solid foundation of institutional spot buying.
This doesn’t mean the market is without risk, but the nature of that risk has changed. The danger is no longer a sudden collapse from cascading liquidations, but rather a potential slowdown in institutional demand. For you, the reader, this means we are in a more selective and mature market. A broad, “everything pumps” altcoin season isn’t here yet, but the current breakout is far more structurally sound than the fakeout of 2024.
