News 
May 20, 2025 
5 min. 
Investor enthusiasm for an altcoin surge is fading as key market indicators point to renewed Bitcoin strength. Although FTX’s $5 billion repayment scheduled for May 30 could inject much-needed liquidity into the crypto space, capital is increasingly flowing back into BTC.
Bitcoin dominance has climbed, and the ETH/BTC ratio continues to weaken. Combined with the Altcoin Season Index dropping to 25, these trends clearly suggest that Bitcoin remains in the driver’s seat for now.
- Start trading smarter today with the most trusted cryptocurrency exchange in Nigeria — fast, secure, and built for Nigerian traders. Join now!
FTX’s $5 Billion Repayment Could Spark June Altseason, but Bitcoin Is Regaining Ground
FTX’s $5 billion repayment to creditors, scheduled for May 30, stands to be one of the largest single-day disbursements in crypto bankruptcy history. While the massive liquidity injection has sparked hopes of a potential altcoin revival in June, recent market trends suggest that enthusiasm may already be fading.
Between May 7 and May 13, Bitcoin’s market dominance dropped sharply from 65.5% to just under 62.2%. This nearly 5% decline prompted a flurry of speculation about the start of a new altcoin season. A surge in the ETH/BTC ratio mirrored this pullback in dominance, climbing nearly 38% and reinforcing the belief that altcoins were regaining strength.
However, that momentum proved short-lived. From May 14 to May 20, Bitcoin dominance rebounded by more than 3%, reversing much of the previous week’s decline. At the same time, the ETH/BTC ratio fell by 8.7%, signaling a shift in capital back toward Bitcoin and undercutting hopes for a sustained altcoin rally.
While FTX’s $5 billion repayment may bring fresh liquidity into the market, the current trajectory of key indicators suggests the altseason narrative is on shaky ground. For now, Bitcoin remains firmly in control.
Altcoin Momentum Slows as Index Falls to 25. Can a Liquidity Boost Revive the Trend?
Altcoins are showing signs of fatigue as market confidence shifts back toward Bitcoin. The total crypto market cap, excluding Bitcoin, currently stands at $1.17 trillion. This figure is up from $1.01 trillion on May 7 but has dropped significantly from its May 13 peak of $1.26 trillion, indicating a sharp $90 billion pullback within a week.
The brief surge earlier in May hinted at the possibility of a broader altcoin rally. However, recent capital outflows suggest that investor enthusiasm has faded, with many shifting their focus back to BTC. This retreat reflects uncertainty about whether altcoins can maintain upward momentum without a stronger catalyst.
A major upcoming event could change that narrative. FTX is set to distribute $5 billion to creditors on May 30, a payout that may provide the liquidity needed to revive activity across the altcoin market and potentially trigger a fresh rally in June.
Adding to the bearish sentiment, the Altcoin Season Index, tracked by CoinMarketCap, has fallen from 43 on May 9 to 25. This drop places the market in what is commonly referred to as “Bitcoin Season.” The index measures how many of the top 100 cryptocurrencies, excluding stablecoins and wrapped tokens, have outperformed Bitcoin over the past 90 days. A score above 75 signals Altcoin Season, while a score below 25 indicates Bitcoin dominance.
With only a quarter of top coins currently outperforming BTC, Bitcoin appears to have reclaimed market leadership. Even so, the upcoming liquidity injection may offer altcoins the fuel they need to mount a comeback.
