CryptoQuant CEO Ki Young Ju has observed that the traditional Bitcoin-to-altcoin rotation that drives broad altseasons has 'basically disappeared.'
This pattern, where Bitcoin rallies first and traders then rotate gains into smaller tokens, is no longer working with the same force.
The signal focused on BTC-quoted altcoin volume shows a significant collapse since 2021, indicating that Bitcoin is no longer the primary rotation engine for the wider altcoin market.
More trading now runs through stablecoin pairs, and institutional inflows into spot Bitcoin ETFs and corporate treasury vehicles tend to remain concentrated in BTC rather than moving into long-tail tokens.