Ki Young Ju, CEO of CryptoQuant, stated that “alt season has begun,” but with a significant distinction from previous cycles. In a recent post on X, Ju emphasized that this time, there is “no direct BTC-to-alt rotation,” meaning that altcoins are not gaining momentum by capital shifting out of Bitcoin. Instead, stablecoin holders are driving the altcoin rally.
Alt season is a term used in the crypto industry to describe a period when altcoins (other crypto assets except Bitcoin) experience significant price increases and gains in market capitalization, often outperforming BTC.
CryptoQuant CEO Says “Alt Season Has Begun”
Ju points to trading volume as the defining metric for this cycle rather than Bitcoin dominance, which has been historically used to measure altcoin market trends. According to CryptoQuant data, the altcoin trading volume is currently 2.7 times that of Bitcoin, signaling strong investor interest in alternative crypto assets.
However, Ju warns that it will be a “very selective alt season.” Only a few altcoins will see significant price surges, while many remain stagnant. The comment aligns with his observation that no fresh liquidity is entering the market—suggesting that the current gains are more of a rotation of existing capital rather than an influx of new money.
Another key shift mentioned by Ju is that Bitcoin is “no longer a quote currency” for altcoin trading. Traditionally, traders would move funds from Bitcoin into altcoins, leading to clear cycles of BTC dominance fluctuating with altcoin rallies. Now, stablecoins like USDT and USDC are the primary trading pairs for altcoins, changing how capital flows in the market.
Alt Season Follows Crypto Market Correction
Since Donald Trump’s political campaign, Crypto has gained more attention in U.S. markets. Several altcoin-linked ETF applications, including one for SOL, have been submitted to the SEC, reflecting the growing institutional interest in alternative crypto. Brazil recently approved the world’s first Spot XRP ETF, a move that could set a precedent for future approvals in the U.S.
However, the so-called “altseason” follows concerns that impacted market stability. The U.S. implemented tariffs on some nations’ goods, affecting the crypto market. Digital assets struggle, with Solana facing pressure ahead of its tokens unlock in March. Argentina also witnessed a memecoin controversy related to the LIBRA token.
