Altcoin spot trading volumes have sharply declined since October 2025, according to CryptoQuant data. Binance's altcoin trading volume has dropped by 80% to 85%, from $40-50 billion to just $7.7 billion. Other exchanges have seen volumes fall from a peak of $91 billion to $18.8 billion. Analysts from Arctic Digital suggest that funds are increasingly concentrating on Bitcoin, making a broad "altcoin season" like in 2021 unlikely. They predict that the market will shift towards narratives driven by infrastructure or real-world assets (RWA). A significant rotation into altcoins is expected only if Bitcoin reaches the $120,000 to $130,000 range.