Bitcoin (BTC) is trading close to its all-time high, buoyed by strong institutional inflows and positive technical indicators, according to recent data from CryptoQuant. Meanwhile, altcoins, including Ethereum (ETH), are witnessing a significant decline in trading volume and buying interest since February 2025.
The one-year cumulative buy/sell quote volume difference for altcoins—excluding Bitcoin and Ethereum—has dropped by $36 billion, signaling waning investor enthusiasm and reduced liquidity for altcoin markets. Ethereum remains pressured, trading 48% below its peak price of $4,891 from November 2021 and showing limited recovery signs.
BTC benefits from robust inflows into spot Bitcoin ETFs in the US, with $1.01 billion recorded over three recent trading sessions, highlighting institutional preference for BTC exposure over altcoins. The Bitcoin Macro Oscillator, a composite indicator tracking market cycles, currently reads 0.93, suggesting further upside potential before a market top may emerge.
Analyst Burak Kesmeci and others at CryptoQuant caution that without a rebound in the cumulative buy/sell volume metric for altcoins, a sustained altseason or widespread altcoin rally remains unlikely. Altcoin investors appear largely inactive or hesitant to deploy capital, maintaining a bearish stance despite Bitcoin’s strength.
Market experts remain cautiously optimistic that a breakthrough in Ethereum’s price or renewed volume accumulation could trigger an altcoin rally, but currently, the market environment strongly favors Bitcoin dominance.