CryptoQuant數據顯示，自2025年10月起，山寨幣現貨交易量出現斷崖式下滑。其中幣安上的山寨幣交易量從400億至500億美元驟跌80%至85%，目前僅剩77億美元；其他交易所交易量也從最高910億美元跌至188億美元。

Arctic Digital等機構分析師普遍認為，資金正持續往比特幣集中，2021年那種全面性「山寨季」恐難再現，未來市場將轉向由基礎建設或RWA等特定主題驅動的局部行情。預計需等到比特幣升至12萬至13萬美元區間，才有可能觸發資金實質性輪動至山寨幣。

Data from CryptoQuant shows a steep collapse in spot altcoin trading volume since October 2025. On Binance alone, altcoin volumes have crashed 80% to 85% from $40–50 billion to just $7.7 billion. Volume across other exchanges has also dropped from a peak of $91 billion to $18.8 billion.

Analysts at firms including Arctic Digital widely believe capital is concentrating into Bitcoin, and a broad-based “altseason” like the one in 2021 is unlikely to return. The market is expected to shift toward niche rallies driven by specific narratives such as infrastructure or RWA. A meaningful rotation into altcoins is projected to only occur once Bitcoin reaches the $120,000–$130,000 range.