The SIX Swiss Exchange's 2025 crypto products report reveals a significant shift in trading dynamics, with non-bitcoin underlyings capturing the majority of trading turnover for the first time. Bitcoin's share of activity fell to 32.34%, while altcoins and other non-BTC exposures collectively accounted for 67.66% of the exchange's turnover.
The detailed breakdown shows Solana (SOL) leading the altcoin charge with 24.64% of turnover, followed by Ripple (XRP) at 14.99% and Ethereum (ETH) at 12.51%. 'Others' accounted for 7.93% and index products made up 7.59%. On a product level, the 21Shares Solana Staking ETP recorded a market turnover of 870,081,277 across 28,669 trades, while the 21Shares XRP ETP logged 440,387,273 across 20,266 trades. The U.S. dollar was the leading trading currency, representing 78% of turnover.
Concurrently, a separate analysis of the broader altcoin market highlights an intense concentration of capital. Data from CryptoRank indicates that over 82% of total altcoin market capitalization is now held by the top 10 tokens, one of the highest concentration levels in recent years. Analysts attribute this to investor preference for deep-liquidity leaders during periods of market uncertainty, which limits capital rotation into smaller projects.
Assets like Chainlink (LINK), Toncoin (TON), and Avalanche (AVAX) are cited as leading contenders to potentially break into this elite tier due to their established infrastructure roles and large institutional or user footprints. This high concentration suggests a significantly higher bar for smaller projects to gain lasting market relevance, requiring sustained usage, revenue generation, or infrastructure-level importance to compete.
