Thomas Daniels
Surging activity in ETH futures and BNB transactions, coupled with shifting USDT flows on Tron, signals a clear shift in speculative capital toward altcoins. According to Glassnode, Ethereum’s perpetual futures volume dominance has overtaken Bitcoin for the first time since 2022, marking the largest skew ever favoring ETH on record. This milestone underlines a meaningful rotation of trader interest toward alternative crypto-assets—commonly referred to as “altseason.”
ETH futures dominance now stands at nearly 40% open interest, the highest since April 2023, with historically only about 5% of trading days registering higher values. The data implies increasing trader bets on ETH over BTC, suggesting elevated risk appetite and a sustained shift into the broader altcoin market.
On‑Chain Signals: Stablecoin Flows Reinforce the Shift
On‑chain analytics highlight a significant rise in USDT transfers on the Tron network, primarily driven by Binance, which accounts for approximately 62% of all TRON‑based USDT volume. Daily flows range between $2.5–3 billion, typically a leading indicator of heightened market volatility and institutional positioning.
This consolidation of stablecoin liquidity on Tron and Binance underscores their status as preferred infrastructure for high-frequency, high-volume altcoin trading.
BNB Strengthens the Narrative
Binance Coin (BNB) has rallied 7.4% over the past week, outperforming Bitcoin and reinforcing its role as a bellwether for altseason. Analyst Timo Oinonen notes that institutional activity supports this trend, citing Nano Labs’ Nasdaq-listed $105 million BNB treasury (about 128,000 tokens), positioning BNB as a strategic asset within the BNB Smart Chain ecosystem.
Concurrently, Binance’s exchange USDT reserves have declined from $45 billion in February 2025 to approximately $36 billion, indicating reallocation of idle capital into risk assets. This reserve contraction, paired with rising BNB value, points to renewed buying pressure and appetite for altcoins.
