CryptoQuant founder Ki Young Ju said the capital rotation from Bitcoin into altcoins that previously helped drive altcoin rallies has largely disappeared.

According to Odaily, he said altcoin trading volume denominated in BTC trading pairs has shrunk significantly since 2021, indicating a clear change in market structure.

Ki added that the period when Bitcoin’s rise broadly lifted altcoins may be over, and that future altcoin gains may rely more on their own fundamentals, use cases, and independent capital inflows.