Altcoins have officially surpassed Bitcoin (BTC) in total liquidation value on the Binance exchange in 2025. With expectations for the altcoin season to kick off in August, significant leverage is being poured into highly volatile tokens.
In fact, even Ethereum (ETH) whales are rushing to sell. Specifically, one wallet address sold stETH at a loss of $50,000 amid a spike in the unstaking waiting list, reaching $3.96 billion.
The liquidation volume of altcoins has now surpassed Bitcoin.
Unlike the trend of 2024, altcoins are currently witnessing higher liquidation volumes than Bitcoin on Binance.
A recent report from CryptoQuant indicates that since the beginning of 2025, the disparity in accumulated liquidation volume has reversed in favor of altcoins.
This trend accelerated in July, when both Long and Short positions were 'blown away' – evidence that traders are over-leveraging in hopes of capitalizing on large volatility.
As liquidations increase, market activity becomes more vibrant. As the largest cryptocurrency exchange in the world, Binance has become the center of the altcoin speculation wave.
Simply put, altcoins have become the main 'playground' for traders eagerly hunting for the next growth surge.
Positive signals are emerging, but caution is still needed.
Many indicators suggest that the altcoin season may be forming in August 2025, but it cannot be confirmed with certainty yet.
The total market capitalization of altcoins has broken the downtrend for the third time in the past two years, which in the past has led to growth surges of 150 and 175 times.
The latest breakout hints at a potential explosion of up to 200 times, reflecting optimism and belief in the bullish trend across the altcoin market.
Meanwhile, the Altcoin Season Index data from CoinGlass is currently at 57 at the time of writing – higher than the neutral threshold of 50, but not yet reaching the 'full altcoin season' zone (usually calculated from 75 and above).
It can be said that altcoins are beginning to outperform Bitcoin, but this trend still needs further confirmation.
Further reinforcing this trend is the Bitcoin Dominance chart, which continues to decline and is currently at 59.49%.
The market is still in a transitional phase. For the altcoin season to be truly confirmed, the market still needs to record further declines in BTC's dominance along with stronger capital inflows from retail investors into altcoins.