1-Year Cumulative Buy/Sell Quote Volume Difference for Altcoins (Excluding BTC and ETH). Source: CryptoQuant
The last time this metric turned positive was in December 2024, coinciding with a local top in altcoins. Since then, it’s been downhill, even as Bitcoin broke above six figures.
In effect, altcoin investors have disappeared, or as the data suggests, they’re “MIA.”
“Even though Bitcoin is enjoying a bull run, altcoins are behaving like it’s still winter,” wrote Kesmci, adding:
“Unless this metric starts rising again, expecting a full-blown altseason or altcoin FOMO might just be wishful thinking.”
Historically, strong altcoin performance has followed sharp recoveries in this metric, when net buying returns and confidence build across the market. Without that shift, expectations for an imminent altseason may be premature.
