CryptoQuant data reveals that aggregated trading volume for altcoin-stablecoin pairs, excluding major assets like Ethereum (ETH), XRP, BNB, and Solana (SOL), is running at levels that dwarf the entire 2018–2022 period. The current accumulation phase, spanning 2023 through early 2026, shows volume bars consistently larger than those seen in the 2019–2020 period that preceded the 2021 bull run.
The chart tracks total CEX volume for altcoin-stablecoin pairs alongside the ETH price as a market cycle reference. Notably, green 'strong buy wall' bars—indicating periods where 30-day volume exceeds the 365-day average—are a persistent feature in the current cycle, unlike their sporadic appearance in prior cycles. This signals sustained buying pressure and demand intensity for long-tail altcoins throughout the accumulation phase.
This volume surge exists alongside a contradictory metric: 38.8% of altcoins are trading near their all-time lows. Analysts interpret this as capital actively rotating into depressed altcoin positions rather than the sector being abandoned. However, the data comes with caveats; accumulation volume historically precedes alt seasons but does not guarantee them, especially with current headwinds like Bitcoin at five-month lows, geopolitical tensions, and low retail sentiment.
Complementary indicators suggest a potential altseason setup. The Altcoins vs Bitcoin ratio is consolidating near long-term support, a pattern seen before major rallies in 2018 and 2021. Social interest in 'altseason' has hit historic lows, which often coincides with market bottoms. Furthermore, a majority of altcoins are near historical lows, indicating potential downside exhaustion and setting the stage for a recovery if liquidity rotates from Bitcoin.
