SwissBorg founding associate Alex Fazel believes the market is getting into a multi-year, structurally completely different bull part that would ship “generational wealth,” laying out what he referred to as an “alt season bible” for 2025–2026 in a wide-ranging interview with Altcoin Each day.
Talking in a probabilistic framework, Fazel argued that the confluence of a strengthening enterprise cycle, simpler financial coverage, and twin know-how booms in crypto/Web3 and synthetic intelligence creates the identical form of tailwinds that powered the post-dot-com “restoration cycle” in equities. “I actually need to show to everybody that that is the largest cycle and the largest probability for everybody to generate generational wealth,” he stated, including that his views are expressed in possibilities moderately than certainties.
The 2025–26 Crypto Altcoin Cycle Will Be Historic
Fazel’s market construction thesis facilities on a well-known rotation: Bitcoin main, adopted by Ethereum and the top-cap cohort, after which a broader dispersion into mid- and small-caps as Bitcoin dominance rolls over. He insisted that the present advance lacks the hallmark “euphoria stage”—a late-cycle situation he considers statistically widespread and, subsequently, nonetheless forward. “This can be very uncommon… to have a bull cycle with out euphoria,” he stated, noting that sizable drawdowns will punctuate the pattern with out invalidating it. “We received’t see an extended bear market anymore… We’re going to see a really prolonged bull run however with actually large corrections alongside the best way.”
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To gauge cycle magnitude, Fazel prefers whole crypto market capitalization over date-calling. He mapped prior expansions—roughly 45x from 2014 to 2017 and ~27x into 2021—right into a conservative inference {that a} 2x–3x from the final cycle’s ~$3 trillion high would suggest a $6–$9 trillion whole capitalization earlier than this run is exhausted. That—together with a still-missing euphoria part—varieties one in every of his main exit heuristics. “Slightly than simply excited about how lengthy, have a look at how excessive,” he stated.
On sector management, Fazel’s workforce compiled a year-over-year basket (September 2024 to early September 2025) of tokens that outperformed Bitcoin on sustained timeframes to filter out “pump-and-dump noise.” The checklist he highlighted was dominated by DeFi and exchange-adjacent belongings: Virtuals (AI-agent) with a 20x,Hyperliquid’s HYPE 7x, Sui and its DeepBook DEX as robust performers, Curve and Ethena Labs 2.5x–3x, SwissBorg’s BORG ~2.5x, and Raydium. His conclusion was blunt: “DeFi is one of the best sector to spend money on,” with alternate tokens repeatedly among the many most resilient leaders since 2018 attributable to clear product-market slot in hypothesis and payment technology.
Fazel stitched these returns to an specific capital-flows mechanism: buybacks. He confirmed a constructive correlation, in his view, between high token performers and sustained buyback packages, and drew a parallel to equities the place lots of the cycle’s strongest shares—together with AI bellwethers—have introduced giant, persevering with repurchases. He cautioned, nonetheless, that buybacks will be overwhelmed by emissions. “If in case you have $20 million shopping for the token, however an airdrop is emitting $53 million, do the mathematics,” he stated, citing this dynamic to clarify why some well-known tokens underperformed regardless of income.
What Else To Look For On Altcoins
From there, he proposed a easy four-quadrant framework for token “pumpamentals”: clear utility that traders understand as worthwhile; loyalty by way of locking; robust, sustainable, and scalable buybacks; and burns or different mechanisms that cut back float. Layer-1s, he argued, usually tick solely the primary two packing containers and nonetheless depend on inflationary issuance for staking yields. In contrast, alternate tokens and a few DeFi belongings can test all 4—significantly if fee-linked buybacks are hard-wired, ongoing, and diversified throughout product traces.
Fazel additionally outlined an more and more distinguished purchaser cohort of digital asset treasuries (DATs)—public firms that elevate in fiat and accumulate crypto for his or her stability sheets—observing that this construction can “pump the inventory and the token.” He pointed to high-profile examples in Bitcoin and Ethereum, stressing that balance-sheet accumulation concurrently provides purchase strain and removes promote strain. Extra broadly, he framed at this time’s market as a “supercycle” second as a result of retail, establishments, and company treasuries are actually converging on crypto publicity—initially in BTC and ETH, however progressively additional out the danger curve as confidence grows.
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A lot of Fazel’s playbook is operational at SwissBorg itself. He disclosed that the corporate, based in 2017 and now at “300+ workers” and “$2.4 billion” in belongings beneath administration, has shifted to a 50% revenue-to-buyback coverage for its BORG token and deliberately delisted from centralized exchanges to “management provide” and focus liquidity and quantity in-app.
Fazel repeatedly returned to threat administration, urging traders to suppose in possibilities and to be prepared to “divorce” underperforming tokens that lack actual revenues or sound token economics. He additionally addressed dilution fears sparked by the proliferation of latest tokens, contending that nearly none attain significant measurement. “Out of all these cash… 0.00001% have a market cap above $1 million,” he stated, arguing that the sheer variety of microcap launches mustn’t preclude an altseason in bigger, revenue-generating names.
His timeline stays conditional, however his conviction within the construction is evident. He expects Bitcoin might undergo 30%–40% pullbacks with out derailing an extended advance, believes the fairness backdrop remains to be “AI-led” moderately than in a blow-off, and contends crypto adoption curves transfer quicker than Web2 as a result of they construct atop the present web. As for a headline Bitcoin goal, he demurred on specifics, however hinted the ceiling is larger than informal forecasts suggest. “Nearly $200k for Bitcoin appears too small,” he stated at one level, earlier than pivoting again to total-market metrics and the presence—or not—of broad-based euphoria.
At press time, the overall crypto market cap stood at $4.2 trillion.
Featured picture created with DALL.E, chart from TradingView.com
