The altcoin season has commenced, albeit in a “highly selective” manner, according to Ki Young Ju, founder and CEO of CryptoQuant.
Alt season has begun.
No direct BTC-to-alt rotation, but stablecoin holders are favoring alts. Alt volume is 2.7x BTC. BTC Dominance no longer defines alt season—trading volume does.
It’s a very selective alt season tho. DYOR. pic.twitter.com/7lSffDuuM8
— Ki Young Ju (@ki_young_ju) February 21, 2025
Instead of the standard metric of Bitcoin dominance, the expert suggested focusing on trading volume.
According to his observations, altcoin turnover is 2.7 times that of digital gold.
Stablecoin holders are favoring coins other than the leading cryptocurrency.
The CEO of CryptoQuant noted that back in December of last year, he explained the paradigm shift by the institutional investors’ demand for BTC-ETF.
These market participants are not inclined to swap the leading cryptocurrency for other assets and, moreover, mostly operate outside CEX, he explained at the time.
“Only a few coins are gaining momentum this altcoin season. In the absence of fresh liquidity, it resembles a PvP battle over a fixed pie. Trading volume shows the battles are getting fiercer,” the expert explained.
Only a few coins are pumping this alt season. With no fresh liquidity, it feels like a PvP fight over a fixed pie. Trading volume shows the battles are getting fiercer. https://t.co/el4IZklSf8
— Ki Young Ju (@ki_young_ju) February 21, 2025
Earlier, CryptoQuant pointed out the risk of Bitcoin entering a bearish phase due to a decline in investors’ risk appetite.
Previously, experts recorded a significant decrease in transactional activity on the network of the leading cryptocurrency and noted a “cleansing” of the market from excessive leverage.