PMI 48.2 Submerged, Altcoin Season Delayed until 2026

Source: TokocryptoBlog Original Title: PMI Collapses, Altcoin Season Also Buried! Investors Surprised Original Link:

Cryptocurrency Market Cycle 2025 and the Influence of PMI

The cryptocurrency market cycle of 2025 continues to surprise investors. Recent data shows that altcoin dominance moves in tandem with the US economic indicator, namely the US ISM Manufacturing PMI. With the PMI at 48.2 in November 2025, analysts conclude that this condition is the main cause of the disappearance of the altseason throughout this year, while Bitcoin is increasingly dominating the market.

Altcoins Also Decline Along with PMI

Analysis shows that since 2019, the altcoin dominance chart has a pattern very similar to the movements of PMI.

• PMI above 55 → economy strengthening → altcoins tend to rise.
• PMI declining → liquidity tightening → investors flee to safer assets like Bitcoin.

This trend reappears clearly in 2025.

PMI 48.2 and Bitcoin Dominates 59% of the Market

The November 2025 PMI recorded 48.2, indicating that the US manufacturing sector is still contracting. This condition coincides with Bitcoin’s dominance reaching 59%, leaving altcoins struggling to attract new capital.

Analysts note that the unstable macro situation makes investors prefer Bitcoin, while altcoins are considered too risky in an economy that has not yet recovered.

Hope for a New Altseason: Waiting for PMI to Rebound in 2026

If the historical cycle repeats, a new altseason could emerge in early 2026, provided that:

• PMI returns above 50 for the economy to enter expansion phase.
• PMI above 55 could trigger a massive transfer of liquidity from Bitcoin and other cryptocurrencies toward high-risk altcoins.

Until now, the macro environment still supports Bitcoin dominance.

Altcoin Season Index: Market Still Belongs to Bitcoin

The Altcoin Season Index shows a score of 19/100, indicating the market is still in Bitcoin Season.

• Yesterday: 20
• Last week: 25
• Last month: 28

This figure shows that the majority of altcoins have performed worse than Bitcoin over the past 90 days.

Conclusion

The year 2025 is not the year for altcoin revival. With PMI still in contraction zone, capital flows prefer Bitcoin as a safe asset. Investors are now waiting for global economic recovery, which could reopen the door for altseason in 2026.