SwissBorg founding accomplice Alex Fazel believes the market is getting into a multi-year, structurally totally different bull part that might ship “generational wealth,” laying out what he known as an “alt season bible” for 2025–2026 in a wide-ranging interview with Altcoin Every 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 type 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 likelihood for everybody to generate generational wealth,” he mentioned, including that his views are expressed in possibilities quite 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 mentioned, noting that sizable drawdowns will punctuate the development with out invalidating it. “We gained’t see an extended bear market anymore… We’re going to see a really prolonged bull run however with actually massive corrections alongside the way in which.”
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To gauge cycle magnitude, Fazel prefers complete 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 indicate a $6–$9 trillion complete capitalization earlier than this run is exhausted. That—together with a still-missing euphoria part—varieties one in all his major exit heuristics. “Reasonably than simply desirous about how lengthy, take a look at how excessive,” he mentioned.
On sector management, Fazel’s group 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 sturdy 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 trade tokens repeatedly among the many most resilient leaders since 2018 because of clear product-market slot in hypothesis and charge era.
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 applications, and drew a parallel to equities the place lots of the cycle’s strongest shares—together with AI bellwethers—have introduced massive, persevering with repurchases. He cautioned, nevertheless, that buybacks could be overwhelmed by emissions. “In case you have $20 million shopping for the token, however an airdrop is emitting $53 million, do the mathematics,” he mentioned, 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 helpful; loyalty by way of locking; sturdy, sustainable, and scalable buybacks; and burns or different mechanisms that cut back float. Layer-1s, he argued, usually tick solely the primary two bins and nonetheless depend on inflationary issuance for staking yields. Against this, trade tokens and a few DeFi belongings can verify 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 increase 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 stress and removes promote stress. Extra broadly, he framed right this moment’s market as a “supercycle” second as a result of retail, establishments, and company treasuries at the moment are converging on crypto publicity—initially in BTC and ETH, however progressively additional out the chance 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 underneath 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 danger administration, urging traders to assume in possibilities and to be keen to “divorce” underperforming tokens that lack actual revenues or sound token economics. He additionally addressed dilution fears sparked by the proliferation of recent tokens, contending that nearly none attain significant dimension. “Out of all these cash… 0.00001% have a market cap above $1 million,” he mentioned, 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 may undergo 30%–40% pullbacks with out derailing an extended advance, believes the fairness backdrop remains to be “AI-led” quite than in a blow-off, and contends crypto adoption curves transfer quicker than Web2 as a result of they construct atop the prevailing web. As for a headline Bitcoin goal, he demurred on specifics, however hinted the ceiling is larger than informal forecasts indicate. “Nearly $200k for Bitcoin appears too small,” he mentioned at one level, earlier than pivoting again to total-market metrics and the presence—or not—of broad-based euphoria.
At press time, the entire crypto market cap stood at $4.2 trillion.
Featured picture created with DALL.E, chart from TradingView.com
