DWF Labs says institutional flows ended the classic altcoin season as CMC index holds at 45/100

DWF Labs managing partner Andrei Grachev said the retail-style, broad altcoin season is "structurally" unlikely to return, as ETF-driven institutional capital keeps liquidity concentrated in BTC and ETH. He described a shift toward short, sharp sector rotations and said he still expects new all-time highs for major assets in H1 2026. CoinMarketCap's Altcoin Season Index was 45/100 on March 15, up from 35 last month but still below the 75 level needed to signal Altcoin Season.