- Altcoin trading volume on Binance has plunged 80-85% from roughly $40 billion to $7.7 billion over four months.
- Experts say tighter monetary conditions and macro uncertainty are keeping traders anchored to Bitcoin.
- A broad “alt season” like 2021 is unlikely, with capital rotating only to narrow, thesis-driven plays.
Altcoin interest and trading volumes have dramatically collapsed since October 2025, leaving crypto market volatility localized to a few major tokens. Binance recorded a stark 80% to 85% drop in altcoin spot volume, falling from around $40 billion to $7.7 billion, according to CryptoQuant data.
Justin d’Anethan, head of research at Arctic Digital, told Decrypt that tighter monetary conditions and macro fears keep traders with Bitcoin, the asset with the clearest narrative. Consequently, searches for “altcoins” have also fallen sharply after peaking alongside Bitcoin’s all-time highs last August, Google Trends data shows.
Meanwhile, prediction markets on Myriad place just a 9% chance on an “alt season” before April. Sammi Li, CEO of Ju.com, said runs will now be tied to specific themes like infrastructure or real-world assets. Aytunc Yildizli of 0G Labs suggested Bitcoin reaching $120,000 could trigger a narrow rotation into higher-risk assets.
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