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Home»Altcoins»Altseason Can No Longer Rely on Bitcoin (BTC) Capital Turnover, Says CryptoQuant CEO – Here’s Why
Altcoins

Altseason Can No Longer Rely on Bitcoin (BTC) Capital Turnover, Says CryptoQuant CEO – Here’s Why

December 3, 2024No Comments3 Mins Read
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The chief executive of blockchain intelligence platform CryptoQuant says a structural change in Bitcoin (BTC) accumulation is causing another delayed season.

On-chain analyst Ki Young Ju told his 379,400 followers on social media platform X that the main drivers of the current Bitcoin rally are entities that are not interested in loading up on altcoins.

According to the CryptoQuant executive, altcoins now need to come up with a compelling use case, as they can no longer rely on Bitcoin’s momentum to see higher prices.

“Compared to the last cycle, the nature of capital flowing into Bitcoin has changed. Bitcoin’s current rally is primarily driven by demand from institutional investors and spot exchange-traded funds (ETFs).

Unlike users of crypto exchanges, institutional investors and ETF buyers have no plans to shift their assets from Bitcoin to altcoins. Additionally, as they operate outside of crypto exchanges, asset turnover inherently becomes less feasible…

Altcoins should focus on developing independent strategies to attract new capital rather than relying on Bitcoin momentum.

Ki Young Ju also notes that the recent explosion in volume for some altcoins is due to an increase in liquidity in dollar-pegged crypto assets.

“Altseason is no longer defined by asset turnover from Bitcoin.

The increase in altcoin trading volume is not driven by BTC pairs but by stablecoin and fiat pairs, reflecting actual market growth rather than asset turnover.

The stable liquidity of the coin better explains the altcoin markets.

The analyst goes on to say that while he is bullish on altcoins, he believes the rising tide will not lift all boats.

“Don’t get me wrong, I’m bullish on altcoins. I am simply pointing out that only a select few attract new capital. Altcoin season will come, but it will only be for a few, not all altcoins will reach their previous all-time high.

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