Altcoins trading remains relatively high on Binance, making up 60% of all activity. The altcoin market has retained its activity even as BTC and ETH trading slowed down.
Binance is turning into an altcoin venue, with up to 60% of volumes tied to its large portfolio of tokens. At the same time, BTC and ETH activity is winding down, with constant selling pressure in low volumes.
Altcoin volumes recovered on Binance, now making up more than 60% of trading activity. Both BTC and ETH trading activity took a bigger downturn. | Source: CryptoQuant.
Despite the relatively slow altcoin season, Binance’s selection of assets has several unique factors. The exchange hosts record stablecoin liquidity, allowing enough funds for speculation. Additionally, the exchange carries the most liquid altcoins, allowing some speculative trading with sufficient liquidity.
The exchange also carries curated projects and often invites market makers, which generate higher volumes. Both BTC and altcoins are volatile, and traders may be using the volatility for potential short-term gains.
Despite the market downturn, Binance altcoin trading has returned to levels from early 2025, with no signs of slowing down. The added activity comes from reawakened old coins like ZCash (ZEC), Binance’s own curated tokens, and occasional pumps from older assets.
Altcoins compete with BTC for attention
Based on the altcoin season index of just 26 points, it is currently BTC season. Altcoins are underperforming during BTC downturns, and the leading coin has sunk to the $85,000 range.
The recent interest in altcoins follows the excessive gains of selected assets. Leaders that outperformed BTC include ZEC and Aster (ASTER), boosting the entire sector. However, smaller or forgotten altcoins still remain illiquid and risky, and there is no market to lift all assets.
Traders are still wary about older historical narratives of an all-out altcoin season. In the past, a slide in BTC has brought altcoin expansion. However, the 2025 market faces different pressures, and some of the outflows from BTC will not end up on the altcoin market.
Instead, inflows are concentrated into specific blue chip tokens and ecosystems, with the occasional meme token pump. This time around, a mass adoption of memes is not there to support a general sense of active trading.
Altcoins also got a boost from derivative trading and the launch of perpetual futures DEXs. Binance and other centralized exchanges are used as hedging tools and for arbitrage, while a significant part of altcoin activity shifted to Hyperliquid and other markets.
Altcoin market is still cautious
Despite the relatively high share of altcoins on Binance, traders are still relatively cautious.
In early October, the expectation of a month in the green brought altcoin trading to a peak of over 82% of all Binance activity.
Altcoins broke out in 2025, with some returning to their highest levels since 2021. However, not all assets recovered, and some are actually extending their years-long bear market.
