The altcoin season continues to accelerate as daily trading volume on Binance Futures surges to $100.7 billion — the highest level since February 3. This strong boom comes right after Bitcoin set a new peak in July, reigniting retail investor interest in altcoins.
According to analyst Maartunn, while Bitcoin's trading volume remains relatively stable, altcoins are experiencing a significant increase in trading activity. As of July 22, altcoins accounted for up to 71% of the total trading volume on Binance Futures, indicating a clear shift of traders away from Bitcoin.
Binance remains central to this trend. In the spot market, the total trading volume of altcoins on centralized exchanges (CEX) reached $57.6 billion, with Binance alone handling $24 billion — equivalent to 41.5% of the global market share. This means that nearly half of all spot altcoin transactions are currently taking place on Binance, further solidifying this exchange's dominant position as the altcoin season heats up.
On-chain cash flow shows Bitcoin distribution activity.
Bitcoin has also just recorded the largest net inflow into the biggest CEX since July 2024, with over 32,000 BTC transferred to exchanges. This indicates increased profit-taking activity and the possibility that large holders are beginning to distribute their assets.
Historically, large influxes of capital into exchanges like this often signal deeper corrections for BTC, while simultaneously freeing up capital to rotate into altcoins.
As more BTC is transferred to exchanges, market volatility may increase — especially if demand for altcoins continues to explode.
This circulating capital could make the current altcoin rally even stronger, considering previous cycles.
However, crypto analyst Timo Oinonen warns that only a few tokens may actually benefit from this new wave of capital. Oinonen points out that Tron (TRX) is an early signal for a 'selective altcoin season', as this altcoin has consistently outperformed Bitcoin since March — even though BTC is still leading in cumulative performance year-to-date.
TRX has begun to decouple from Bitcoin — a common sign in the early stages of previous altcoin seasons, when capital shifts from BTC to higher volatility assets in search of greater profits.
With over 43.4 million token contracts deployed in the market, the trading landscape is becoming increasingly crowded, indicating that the upcoming altcoin season may be more fragmented, prioritizing only a specific group of assets with strong fundamentals or driven by a powerful hype effect.