Altcoin season signal returns as business cycle turns risk-on: Analyst

Crypto analyst Michaël van de Poppe said the business cycle is starting to improve, which he described as a key signal for altcoins. 

In his view, investors become more willing to buy higher-risk assets when they feel better about future growth.

He said the business cycle has trended lower for more than four years, close to the same period in which Ethereum has underperformed Bitcoin. He also pointed to gold, oil and yields as signs that markets may be close to a regime change.

Copper and gold ratio draws attention

Van de Poppe also pointed to the copper-to-gold ratio. Copper often tracks industrial demand, while gold tends to rise when investors seek safety. A stronger copper trend against gold can signal better risk appetite.

He linked that setup to Ethereum’s performance against Bitcoin. His view is that if copper breaks out against gold, Ethereum could follow Bitcoin within one to three months. This remains a market thesis, not a confirmed outcome.

Meanwhile, Earlier reports support the cautious part of the thesis. crypto.news reported that the ETH/BTC ratio recovered to 0.0313 in April, its strongest level since January. Still, analysts said ETH needs a weekly close above 0.035 to confirm stronger rotation.

Altcoins also remain uneven. crypto.news reported that capital in early 2026 has favored payment tokens, exchange ecosystems, high-throughput chains and derivatives infrastructure, rather than weaker long-tail tokens. That matches Van de Poppe’s view that only selected altcoins may lead the early phase.

CLARITY Act adds policy angle

Van de Poppe also cited the CLARITY Act as a possible market driver, calling it a “sell the rumor, buy the news” setup. That claim remains uncertain because the bill has not passed into law.

crypto.news reported that the CLARITY Act cleared the Senate Banking Committee in a 15-9 vote on May 14. The bill still needs 60 Senate votes, ethics language work and reconciliation with the House version before it can reach the president.

The macro backdrop remains difficult. crypto.news previously reported that 38% of altcoins were trading near all-time lows in March, showing weak liquidity and selective risk demand. Bitcoin also lagged gold earlier this year, with analysts saying stronger risk appetite would be needed for capital to rotate back into crypto.