FBS, has published a new market analysis highlighting that the upcoming alt season will look very different from past cycles. According to FBS analysts, liquidity is concentrating at the top — in tokens with both strong fundamentals and political leverage. By mid-2025, the top 10 altcoins already captured over 70% of the total altcoin market cap, compared to less than 50% in 2021. The turning point, analysts note, has been U.S. policy. “Altseason 2025 won’t be defined by retail speculation. Political pipelines and institutional flows are shaping it,” FBS analysts explain. “The winners are likely to be projects with direct access to this liquidity, not random microcaps.” Among the tokens positioned to benefit are: Solana (SOL), boosted by political ties, ETF narratives, and strong technical momentum. Ondo (ONDO), a leader in tokenized real-world assets with backing from Coinbase, BlackRock, and regulatory alignment. Sui (SUI) — recently added to WLFI’s strategic reserve, with backing from Trump-linked investors. WLFI (World Liberty Financial) — a Trump-branded project preparing a publicly listed treasury vehicle, potentially opening the door to wider institutional access. Dogecoin (DOGE), retaining cultural staying power with support from high-profile figures. The analysis stresses that while altseason is still ahead, traders should not expect “buy anything and it goes 100x” scenarios. Instead, liquidity will be directed toward a curated shortlist of politically connected and institutionally viable tokens.