Analysts Observe Capital Shift to Altcoins

The cryptocurrency market is showing signs of the onset of an altcoin season. Bitcoin’s price has stabilized after reaching a new all-time high. Against this backdrop, investors are turning their attention to other assets, according to CryptoQuant.

2025 Altseason?

Altcoins are heating up after Bitcoin’s breakout to ~$120K.

For example, Ethereum is up +170% from the recent lows and just ~23% from its ATH at $4,871.

Here are 6 key charts showing this market shift 🧵 pic.twitter.com/8fUZELmhMy

— CryptoQuant.com (@cryptoquant_com) July 31, 2025

Ethereum has been a growth driver. The asset has risen by 170% from recent lows, and it remains about 23% below its all-time high. The surge may have been spurred by an investment from SharpLink, which acquired 438,200 ETH for $1.3 billion.

Amidst this, Bitcoin’s dominance index is declining. The trading volume of altcoin and Ethereum futures has reached a five-month high of $223.6 billion. Simultaneously, trading activity for digital gold on centralized exchanges is decreasing. The share of alternative cryptocurrencies stands at 83%, while Bitcoin’s share is 17%.

The growth has affected most assets. Out of 424 futures pairs on Binance, only 23 show negative dynamics following the record of the first cryptocurrency. Analysts at CryptoQuant also noted the return of retail investors. The number of Bitcoin transactions up to $10,000 has increased by 9.7% over the past month. Previously, this indicator signaled an impending market rise.

At the time of writing, digital gold is trading at $118,539 (+0.4% for the day), according to CoinGecko.

Earlier, CryptoQuant CEO Ki Young Ju stated that the Bitcoin cycle theory no longer holds. The expert acknowledged the inaccuracy of his previous forecasts.