Overview
- CryptoQuant data show Binance’s altcoin spot volume has fallen to about $7.7 billion from $40–$50 billion, while other major exchanges dropped to roughly $18.8 billion from $63–$91 billion.
- Binance now represents approximately 40% of altcoin trading activity across major venues, underscoring a more concentrated and illiquid market structure.
- Kaiko reports a 60% slide in trading across ETH, XRP, SOL, DOGE, SUI, and LINK since the Oct. 10 liquidation, with average 1% market depth shrinking from around $2.6 million to $1.7 million.
- Analysts attribute the slump to tighter monetary conditions and geopolitical tensions that keep traders anchored to Bitcoin, as retail interest fades according to Google Trends.
- Experts say a 2020–2021‑style rally is unlikely, and some suggest a materially higher Bitcoin price—cited in the $120,000 to $130,000 range—could be a precondition for any targeted rotation.