$19B October Crypto Flash Crash Cancelled Altseason, Says Bitget CEO Gracy Chen

Core Insights - The anticipated altseason is effectively canceled, with the market crash on October 10 leading to a significant loss of nearly $19 billion in leveraged positions [1][6] - The sentiment in the industry indicates a shift away from speculative altcoins towards projects with tangible value, such as stablecoins and real-world asset tokenization [2][3][6] Market Sentiment - Gracy Chen, CEO of Bitget, noted that the risk-reward ratio for trading altcoins has collapsed, and the altseason is unlikely to occur in 2025 or 2026 [2][6] - Investors are now focusing on utility-backed projects rather than speculative gains from memecoins and microcaps [3][6] Digital Asset Treasury (DAT) Insights - The DAT boom may be nearing its end, as recent deals have shifted towards "in-kind" swaps rather than genuine investments [4][6] - There is little organic demand for long-tail DAT tokens, suggesting that this model could quickly lose momentum [4] Market Conditions - The market is still recovering from recent losses, with trading volume across centralized exchanges sharply declining [5][7] - Major market makers have faced liquidation after increasing leverage, indicating a challenging trading environment [7] - Despite current difficulties, the market has not yet reached its peak, which is characterized by irrational euphoria [7]