Does the ETH/BTC Ratio Signal a November Altseason Start?

Does the ETH/BTC Ratio Signal the Onset of Altseason?

Altcoin season, generally identified as altseason, is when investment capital gradually distances from Bitcoin and channels into other cryptocurrencies, developed as successors or competitors to it. In this case, ETH/BTC, Solana, Cardano, etc. Once prices go up, inner fear lures people toward fast fortunes, triggering knock-off effects across the crypto market, so even obscure coins can reach astronomical levels for a fleeting moment. Sure, this cascading effect isn't always positive. By the time these new participants enter, many assets are already overheated, priced beyond intrinsic worth, propelled largely by market enthusiasm.

The Ethereum to Bitcoin – ETH/BTC – ratio is often used to check out the altcoin market's health and gauge the potential outperformance of altcoins relative to Bitcoin. As of the latest data (November 4th, 2025), the ETH/BTC exchange rate is 0.03378. Ethereum ranks just below Bitcoin in terms of market capitalization, so when funds rotate out of Bitcoin and into Ethereum, it's a sign of growing investor confidence and a willingness to bear financial risk with the expectation of generating a profit. If the ETH/BTC ratio is flat or falling, Bitcoin dominance is high, which means that investors see it as a safer bet due to its large size and more established reputation. 

The price of Ethereum compared to Bitcoin is sitting at a level where, in the past, people have seen it as a good time to hop on board or where it tends to bounce back. But some analysts might say, “Hmm, not so sure this time.” For the sake of clarification, the all-time ratio reached was roughly 0.148 BTC in June 2017, and it also saw highs near 0.087 BTC in 2021, highlighting how Ethereum has periodically challenged Bitcoin's dominance during bullish market phases. The Fusaka upgrade, whose mainnet activation is expected by December 3, 2025, has made the network more attractive for Later-2 solutions like Arbitrum and Optimism. Still, investors are reducing their long positions due to the escalating US-China tensions.

The ETH/BTC Ratio Is An Indicator Of Market Sentiment

For investors, understanding the ETH/BTC ratio can help guide decisions about diversifying their portfolios. When Bitcoin dominance is elevated, they may look to diversify into other cryptocurrencies as a way to balance exposure across different segments of the market. Conversely, if Bitcoin dominance is low, they could interpret this as an opportunity to invest in Bitcoin, since a decline in dominance often signals that Bitcoin is undervalued relative to the broader crypto market. It's worth noting, however, that the ETH/BTC ratio isn't a definitive guide to investment strategy but rather one of many indicators that should be considered alongside broader market trends and fundamentals.

For altcoin season to occur, Ethereum must clear the $5,000 resistance level. This is the price point where the world's second-largest cryptocurrency has historically struggled to move above, often representing a psychological barrier where many investors choose to sell to take profits. Although the approval of spot Ethereum ETFs has introduced regulated exposure, the inflows have been modest compared to the initial surge witnessed in spot Bitcoin ETFs. For Ethereum to break decisively above $5000, it would need to attract high trading volume, maintain sustained price action above the resistance to confirm strength, and show continued outperformance against Bitcoin. 

FOMO Plays A Major Role In Shaping Altcoin Season Dynamics

The momentum of altcoin season often stems from emotional behavior, with FOMO playing a central role. The crypto market is shaped by social media networks, which have long served as amplifiers of FOMO, driving users to check notifications constantly. Investors are convinced that others are having rewarding experiences from which they're absent. The vast amount of activity on social media creates the impression that something important could happen anytime, so attention must be paid to the continuous influx of notifications. FOMO functions as a form of peer pressure effect, biased towards following the "winners", prompting investors to scrutinize others' portfolio choices and wealth. 

In August 2025, Google Trends data revealed that the search volume for "altcoin" and "Ethereum" reached the highest level in nearly five years. The surge progressed alongside crypto-related exchange-traded fund activity and modifications in digital asset treasuries, which hold at least ten cryptocurrencies, including Solana, Ripple (XRP), and Hyperliquid. Google Trends doesn't predict crypto market performance, but it can offer insights into public interest and sentiment around digital assets, which explains why some traders and researchers use it as a complementary tool for market analysis. Don't draw immediate conclusions because Google Trends has limitations that can cause inaccuracies. 

What Other Indicators Must Investors Consider To Navigate The Altseason?

Over time, certain cycles become evident in the crypto market, and one of the most eagerly awaited is the altcoin season, which brings about more favorable prices to sell. So, carefully examine and verify information before making a decision to move forward because it may be your only chance to sell at those prices for years. If altseason is just beginning, consider rotating profits from Bitcoin into higher-risk, higher-reward coins, focusing on projects with strong fundamentals, a clear use case (DeFi, Layer-2 solutions, etc.), and a compelling roadmap. Many investors buy early, taking profits gradually, and rotating into safer assets as the cycle matures.

The Altcoin Season Index allows you to see where funds are moving in the crypto market, which is notoriously volatile. A score above 75 indicates that 75% of the top 100 cryptocurrencies have performed better than Bitcoin for the past 90 days, whereas a score of only 25 suggests that fewer altcoins outperform Bitcoin, and the market is considered to be in the Bitcoin season. Equally important is to look at market cap growth. Broad rallies across mid- and small-cap coins, when occurring in tandem with strength in large-cap assets like Ethereum, usually serve as a strong confirmation of altseason. This breadth of participation is visible across multiple sectors, from DeFi to gaming tokens and infrastructure projects. 

Final Thoughts 

Altcoin season can present significant profit opportunities, but it also carries substantial risks. Altcoins are marked by sharp price fluctuations, with many experiencing losses of 50%–90% once excitement fades. In addition, speculative hype, fraudulent projects, and regulatory uncertainty can quickly undermine gains.