If history repeats, the next actual altseason will likely arrive in 4 years, while Bitcoin becomes a store of value.
Investors have been turning away from altcoins since February 2025, shifting focus to Bitcoin BTC $104 187 24h volatility: 0.6% Market cap: $2.07 T Vol. 24h: $23.42 B .
According to the CryptoQuant analyst Burak Kesmeci, the one-year cumulative buy/sell quote volume difference for altcoins, excluding Bitcoin and Ethereum ETH $2 498 24h volatility: 0.6% Market cap: $301.46 B Vol. 24h: $14.30 B , has been declining since early February.
Still Winter for Altcoins?
“Unless this metric starts rising again, expecting a full-blown altseason or altcoin FOMO might just be wishful thinking.” – By @burak_kesmeci pic.twitter.com/R6PZDNc12K
— CryptoQuant.com (@cryptoquant_com) June 19, 2025
The key indicator, which shows the strength of altcoin trading volume and accumulation, plunged to negative $36 billion.
Before hopping to the negative zone, the buy/sell quote volume difference broke the barrier to the positive side, signaling the top for the altseason.
“Unless this metric starts rising again, expecting a full-blown altseason or altcoin FOMO might just be wishful thinking,” the CryptoQuant analyst says.
Bitcoin Gets All the Attention
As investors turn away from altcoins, even Ethereum, Bitcoin seems to be solidifying its position as a store of value.
While Ethereum, the leading altcoin, is down 48% from its all-time high of $4,891 on Nov. 16, 2021, Bitcoin has been consolidating close to its top price.
Bitcoin is only 6.4% away from its ATH and is trading close to the $105,000 mark with a market cap of over $2 trillion.
The US-based spot BTC exchange-traded funds have also been attracting strong inflows, registering a net inflow of $1.01 billion over the past three trading days.
Moreover, the Bitcoin Macro Oscillator (BMO) indicator shows that the digital gold still has room for upside momentum despite market-wide uncertainty.
BMO combines Market Value to Realized Value (MVRV) ratio, Volume-Weighted Average Price (VWAP) ratio, Cumulative Value-Days Destroyed (CVDD) ratio, and Sharpe ratio to identify potential market cycle tops.
The indicator is currently hovering at 0.93, according to CoinGlass data. If the BMO surpasses the 1.4 mark, it would suggest a market top, leading to a correction.
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