Spot Trading Volumes for Altcoins Have Hit a Low: Analysts Say the Altcoin Season Won’t Arrive Until Bitcoin Surpasses $120,000

According to data shared by the cryptocurrency analysis platform CryptoQuant, altcoin spot trading volumes have experienced a sharp decline since October 2025.

In particular, altcoin trading volume on Binance, one of the largest exchanges in the market, decreased by 80 to 85 percent, falling from levels of $40-50 billion to only $7.7 billion. A similar trend was observed on other cryptocurrency exchanges, with total volume reportedly dropping from its peak of $91 billion to $18.8 billion.

Market analysts say that the sharp decline is largely due to capital shifting towards Bitcoin. According to analysts from Arctic Digital and other research firms, the current market structure weakens the likelihood of a repeat of the widespread “altcoin season” seen in 2021.

Experts predict that the crypto market will experience more limited upside movements centered around specific themes in the coming period. They suggest that narratives focusing on infrastructure projects and real-world assets (RWA) will come to the forefront, and that altcoins will see selective movements rather than a general surge.

According to analysts, for a strong capital rotation into altcoins to resume, the Bitcoin price needs to rise to the $120,000 to $130,000 range. It is stated that a widespread altcoin rally is unlikely to begin without reaching these levels.

*This is not investment advice.