According to the latest analysis by CryptoQuant CEO Ki Young Ju, the traditional "altcoin season" is no longer driven by the rotation of Bitcoin funds but is determined by the surge in stablecoin liquidity and trading volume. This suggests that we may be entering a whole new cycle in the crypto market.

Why have stablecoins become so important?

"This altcoin season will be driven by stablecoins!" Ki Young Ju posted on social platform X.

"Altseason is no longer defined by the rotation of Bitcoin assets." At the same time, the chart in the lower right shows a surge in total trading volume of altcoin pairs with stablecoins, rising in sync with the price increase of ETH.


Ki stated that this reflects "real market growth, not just asset rotation."

Ki pointed out that stablecoins have not only caused a surge in trading volume for altcoins but also driven real growth in the market, not just a rotation of funds. He stated that past crypto bull markets were typically driven by retail investors with poor capital liquidity, but the current situation is dominated by institutional capital, especially through Bitcoin ETFs.


Meanwhile, the market capitalization of all cryptocurrencies except BTC remains far below historical highs, indicating a decrease in liquidity from new exchange users.

"For altcoins to reach a historical high in market capitalization, they need a significant inflow of new capital into cryptocurrency exchanges."

Has the altcoin season really arrived?

According to the latest 'Altcoin Season Index' from the Blockchain Center, we see that the performance of altcoins continues to outperform Bitcoin.

According to the index, 88 out of the top 100 tokens have outperformed Bitcoin in the past 90 days—this is undoubtedly a sign that the altcoin season is upon us.

So, the question now is: Are you ready to embrace the upcoming altcoin season?

As several top cryptocurrencies challenge new highs, market participants are closely watching the changes in stablecoin liquidity and the fluctuations in the Bitcoin dominance index, which may herald the arrival of this historic moment.

What do you think? Can stablecoins really change the market landscape? What opportunities and risks do you think the altcoin season will bring?