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Ki Young Ju, founder & CEO at CryptoQuant, observes that the traditional rotation of assets from Bitcoin to altcoins, which previously fueled "alt seasons," has largely disappeared.
He highlights that BTC-pair altcoin trading volumes have collapsed since 2021, suggesting a shift in market dynamics where altcoins may no longer rise simply because Bitcoin appreciates.
Earlier this year, Ki Young Ju identified a new Bitcoin distribution phase, noting that the average investor cost basis had reached $53,000 in a period of ongoing transitions for the market. In a separate analysis, he suggested that Bitcoin's bear market could persist into early 2027, with current trends showing no imminent reversal. Both observations provide context for his latest views on the shifting pattern of asset flows.