It was clear that interest was shifting from Bitcoin to altcoins. On this day, the daily trading volume of Binance Futures surged to $100.7 billion, the highest since February 3rd.
This is the aftermath of Bitcoin hitting a new high in July, and the analysis that individual investors' interest is spreading beyond Bitcoin to altcoins follows.
Crypto analyst Maartunn said, "Bitcoin trading volume is relatively stable, while altcoin trading volume is showing a sharp rise."
The explanation is that the fact that altcoins account for 71% of total trading volume on the Bitcoin futures basis symbolizes the shift in market dominance from Bitcoin to altcoins.
Binance's dominance over altcoins is also clear in the spot market. The total volume of spot trading of altcoins on centralized exchanges (CEX) worldwide is $57.6 billion, of which Binance
processed $24 billion, accounting for 41.5% of the market, meaning that one in two altcoin transactions worldwide takes place on Binance.
On-chain data offers another clue into alt season.
More than 32,000 Bitcoins (BTC) were deposited into the exchange in July, marking the largest amount since July 2024.
This suggests that major holders are realizing their profits and diversifying into sales. In light of past cases, such a sudden increase in deposits is likely a sign of a Bitcoin correction and
"The move has been a catalyst for the movement of funds into cryptocurrencies and altcoins," said Timo Oinonen, a cryptocurrency analyst.
Oinonen warns that capital inflows will not benefit all altcoins equally
He cited Tron (TRX) as an example, stating, "Decoupling with Bitcoin began in March and a selective alt season is already emerging."
TRX has been steadily maintaining a bullish trend against BTC even as Bitcoin has continued to perform bullish since the beginning of the year, and this is a typical pattern seen in the early stages of past alt seasons.
It's bright.
2025/07/23 11:34 KST
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