Altcoin trading activity has continued to weaken on the other side the crypto market, which is another sign of the current investor interest in altcoins. New data shared by CryptoQuant analyst Darkfost shows that spot trading volume on Binance and other major exchanges is now at extremely low levels compared to the levels observed during the crypto market’s more active phases in February and October 2025.
Altcoin trading volumes are declining across the board
Analysis of altcoin flows shows how much of the remaining altcoin activity is now flowing through Binance compared to the rest of the crypto market. Data from CryptoQuant shows that altcoin spot volumes on Binance have collapsed to $7.7 billion, which is a fraction of the $40 billion to $50 billion trading volumes recorded during last year’s peak periods.
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On the other hand, other major exchanges together account for approximately $18.8 billion in altcoin trading volume. That puts Binance’s share close to 40% of the total market, meaning nearly one in two dollars traded in altcoins now goes through the exchange. MEXC is in second place with 7.62%, followed by Bybit with 6.07%, OKX with 6% and Bitget with 5.61%. HTX, Coinbase and Upbit each have between 4.57% and 5.38%, while smaller platforms including Crypto.com, Gate.io, KuCoin and Kraken account for the rest.
Altcoin Spot Trading Volume by Exchange. Source: CryptoQuant
These numbers are well below the altco trading volumes normally observed during more active periods. In October 2025, Binance alone recorded between $40 billion and $50 billion in altcoin trading volume, while other exchanges reached around $63 billion. The February 2025 peak was even more pronounced, when competing platforms collectively processed approximately $91 billion in altcoin movements.
The Altcoin Spot Trading Volume chart from January 2025 to March 2026, shown below, shows the decline very well. What were frequent spikes well above the $40 billion mark have given way to a prolonged suppression of activity, with numbers largely at baseline levels since early 2026.
Altcoins Spot Trading Volume. Source: CryptoQuant
A decline in interest may be important for what comes next
The decline in interest in altcoins is taking place in a context hostile to risk-taking. Ongoing geopolitical tensions and have a bear market structure which made investors more defensive, and that caution has hit altcoins harder than Bitcoin. Capital inflows are now much more selective; Bitcoin is the first to attract attention, leaving the rest of the market struggling for momentum.
Still, Darkfost pointed out an idea that long-term investors will likely keep in mind. The volume spikes observed in October and February occurred when the crypto market was forming local tops. These phases occur during periods of FOMO, when well-positioned investors use rising demand as exit liquidity.
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On the other hand, it’s worth keeping a close eye on periods of extremely low interest rates, as they often occur when sentiment is at its most depressed and expectations are the lowest. This is when the most attractive opportunities arise.
Featured image from Unsplash, chart from TradingView