BTC trading slows as investors shift focus to altcoins

BTC spot trading volumes on major exchanges including Binance have fallen to levels close to those seen near the end of the 2023 bear market, on-chain analyst Darkfost said. Darkfost said interest in Bitcoin has weakened from earlier levels. In May, BTC accounted for about 40% of Binance’s total trading volume and led activity, but the market structure has since changed, Darkfost said. Altcoin trading now makes up more than 60% of volume, while Bitcoin has shrunk to 22% and Ethereum to about 18%, according to Darkfost. Darkfost added BTC has entered a dull stretch after moving without major swings for weeks, and some investors are shifting funds into altcoins in search of higher return opportunities.