Adam Back Has Had Enough: Why Altcoin Holders Are Now Chasing Bitcoin’s Monocled Elegance

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  • Blockstream’s resident wizard, Adam Back, beckons altcoin holders to board the mighty BTC treasury express 🚂
  • Altcoin Season Index barely has a pulse – absolutely gasping for relevance 🫥

If one listens closely, one might just hear Adam Back, Blockstream’s CEO and perennial Bitcoin evangelist, serenading altcoin investors with the dulcet tones of unsolicited advice: “Darlings, step smartly away from those sad little altcoins—join the Bitcoin treasury soirée while there’s still champagne on ice.”

He publicly declared that the old “alt season” shindig has been usurped by “treasury season.” Old money in new trousers, really.

“TSRY SZN is the new ALT SZN for speculators. Time to dump ALTs into BTC or BTC treasuries.”

Returning for an encore with a generous dose of world-weary sarcasm, Back quipped:

“Yes, but I was encouraging them to find a way out of alts. Maybe they can make back their losses by switching to btc by way of treasury companies.”

Bitcoin’s dominance waltzes past 66%—altcoins left standing by the punch bowl

It was the second grand proclamation from Back, whose last curtain call included a pointed hint that Cardano’s dalliance with diversifying $100M ADA reserves into BTC wasn’t romance: it was a warning shot. A gentle “It’s not you, it’s your altcoin portfolio.”

The case for Bitcoin, it must be said, had more backbone than a Savile Row suit. Case in point: In 2025, Solana-centric DeFi Development Corporation’s stock strutted in with a 2,800% leap—leaving everyone else comparing waistcoats and wondering what happened.

DFDV wasn’t just sipping cocktails at the winners’ table—it snatched the whole bar. Metaplanet (MTPLF), meanwhile, returned an elegant 452%, barely breaking a sweat. The best altcoin on the list, Hyperliquid, squeaked out a 34%—enough to buy a decent bottle of port, but not enough to buy the wine cellar.

Strategy (MSTR) nudged out a 23% for the mathematically inclined, while stately old Bitcoin itself managed a sensible 8%. Solana [SOL] and Ethereum [ETH], on the other hand, had a bad season on the lawn: down 23% and 32%, respectively. One almost feels compelled to send flowers.

Looking at the short-term party results—HYPE managed to look momentarily dashing, but couldn’t match DFDV or Metaplanet’s Gatsby-esque excesses.

Back’s impish grin only widened as Bitcoin’s dominance wafted past 66% over the weekend, with the market’s collective monocle firmly fixed in place. A modest 6% gain from May—altcoins simply couldn’t keep up with the waltz.

Or, to borrow from the parlance of parlours: Bitcoin’s star shone ever brighter, while altcoins fetched more drinks.

Meanwhile, the Altcoin Season Index crumpled to a pitiful 12, positively Victorian in its fragility—leaving market analyst Michael van de Poppe sounding rather like a chap lamenting the loss of the summer season.

What have we learned, besides a new appreciation for crystal decanters and Bitcoin treasuries? Well, the smart money seems to be drinking brandy with the crypto treasuries, leaving altcoins at coat check—presumably holding their hats and wondering where the party went 🎩🍸.

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2025-06-24 11:40