Crypto’s Fringe Collapses as $40 Billion in Altcoin Bets Vanish

Altcoins — once the high-octane casino of the crypto boom — are struggling to rally for even a month.

Bull runs for less valuable cryptocurrencies are sputtering faster than ever, with the median surge lasting just 20 days in 2025, down from 40 to 60 days in previous years, according to a report on over-the-counter crypto trading by market maker Wintermute. More than fading hype, the shift reflects a change in how retail investors are deploying speculative capital.

The long tail of crypto, driven by viral stories and momentum trades, is losing its pull as interest rises in other ...