Is an Altcoin Winter Descending? Ethereum and Solana See Plunging Activity

On-chain data is signaling a potential "altcoin winter" as major cryptocurrencies like Ethereum and Solana, alongside others, register significant declines in network activity. This downturn suggests a cooling interest among investors and users, echoing patterns observed in past bear markets.

Key Altcoins Witness Activity Drop

According to insights from institutional DeFi solutions provider Sentora (formerly IntoTheBlock), a crucial metric known as "Active Addresses" reveals a notable decline across several prominent altcoins. Active Addresses, which measure the total number of unique wallets engaged in transactions daily, indicate diminishing user engagement. Ethereum, the largest altcoin, has seen its active addresses plummet by approximately 17% from its late July peak of 589,000, now sitting at 488,000. Solana, another leading altcoin, reflects a similar trend, with its active user base contracting by roughly 30% during Q3 2025.

Broader Market Trends and Expert Outlook

The broader altcoin market is also feeling the chill. Meme coins, often indicators of speculative interest, have not been immune. While Dogecoin experienced a slight dip in active addresses, Pepe faced a dramatic 85% drawdown. Furthermore, DeFi trading volume, though still robust compared to other crypto indicators, has begun to trend downwards. Sentora analysts highlight that "Fewer users interacting on ETH indicates weaker on-chain demand, a pattern seen in past bear-market phases." They conclude that while it’s premature to declare a full altcoin winter, the current data aligns with historical cycles, suggesting the market is already "6+ months into an altcoin slowdown, with winter signs popping up." This comes as Ethereum's price itself has retraced significantly, plunging to $3,300 in recent days.