Key Notes
- CryptoQuant data shows that the altseason has already ended.
- Investors are focusing on Bitcoin at this point.
- The key indicator suggests Bitcoin is still far from being overbought.
Investors have been turning away from altcoins since February 2025, shifting focus to Bitcoin
BTC
$104 825
24h volatility:
0.1%
Market cap:
$2.08 T
Vol. 24h:
$29.45 B
.
According to the CryptoQuant analyst Burak Kesmeci, the one-year cumulative buy/sell quote volume difference for altcoins, excluding Bitcoin and Ethereum
ETH
$2 527
24h volatility:
0.3%
Market cap:
$305.03 B
Vol. 24h:
$18.37 B
, has been declining since early February.
Still Winter for Altcoins?
“Unless this metric starts rising again, expecting a full-blown altseason or altcoin FOMO might just be wishful thinking.” – By @burak_kesmeci pic.twitter.com/R6PZDNc12K
— CryptoQuant.com (@cryptoquant_com) June 19, 2025
The key indicator, which shows the strength of altcoin trading volume and accumulation, plunged to negative $36 billion.
Before hopping to the negative zone, the buy/sell quote volume difference broke the barrier to the positive side, signaling the top for the altseason.
“Unless this metric starts rising again, expecting a full-blown altseason or altcoin FOMO might just be wishful thinking,” the CryptoQuant analyst says.
Bitcoin Gets All the Attention
As investors turn away from altcoins, even Ethereum, Bitcoin seems to be solidifying its position as a store of value.
While Ethereum, the leading altcoin, is down 48% from its all-time high of $4,891 on Nov. 16, 2021, Bitcoin has been consolidating close to its top price.
Bitcoin is only 6.4% away from its ATH and is trading close to the $105,000 mark with a market cap of over $2 trillion.
The US-based spot BTC exchange-traded funds have also been attracting strong inflows, registering a net inflow of $1.01 billion over the past three trading days.
Moreover, the Bitcoin Macro Oscillator (BMO) indicator shows that the digital gold still has room for upside momentum despite market-wide uncertainty.
BMO combines Market Value to Realized Value (MVRV) ratio, Volume-Weighted Average Price (VWAP) ratio, Cumulative Value-Days Destroyed (CVDD) ratio, and Sharpe ratio to identify potential market cycle tops.
The indicator is currently hovering at 0.93, according to CoinGlass data. If the BMO surpasses the 1.4 mark, it would suggest a market top, leading to a correction.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
