Bitcoin's dominant position in the crypto market is weakening. The dominance rate has fallen below 59%, and the trading volume of altcoins is now nearly four times that of Bitcoin. At the same time, ETH / BTC has broken through a downward trend that lasted for nearly five years, indicating that funds may be shifting towards altcoins.
These signs are sparking discussions in the market about a broader "copycat season."
Bitcoin's dominance rate falls below 60%
The first signal that a market reversal may be occurring is a decline in Bitcoin's dominance rate. The dominance rate has dropped to around 58.9%, breaking through the important 60% mark. This indicates that Bitcoin's share of the entire crypto market is shrinking. BTC
At the same time, the dominance of altcoins increased by 16.7% to 8.75%. This indicates that altcoins are gaining a larger share in the crypto market.
This change fits the common pattern during the altcoin season: Bitcoin leads the gains first, and then as traders shift more funds to riskier altcoins, its dominance begins to decline.
The trading volume of altcoins has almost soared to four times that of Bitcoin.
Glassnode data shows that the spot trading volume of altcoins has risen to nearly four times that of Bitcoin, reaching the highest level since September 2025. Market performance also reflects this change; in statistics as of September 23, 72.5% of the tracked altcoins outperformed Bitcoin, compared to 39% during the rebound in August.
Spot buying orders are also playing a greater role, while the leverage on altcoin futures has generally remained unchanged.
The main altcoins also show the same trend.
U.S. spot Ethereum ETF has recorded capital inflows for six consecutive trading days, with a weekly net inflow of $689.9 million. Meanwhile, the capital inflows into U.S. spot XRP ETF have continued for 11 weeks in a row, with a cumulative inflow of over $1.79 billion.
ETH / BTC More fake coin signals
ETH / BTC The charts further show that altcoins are strengthening. Ethereum has finally broken through Bitcoin's downward trend of the past five years and is about to close higher for the third consecutive month.
This is very important because when funds start to flow from Bitcoin to broader markets, Ethereum tends to lead the way. A stronger ETH / BTC trend may also provide support for large-cap and mid-cap altcoins.
At the same time, the charts of OTHERS / BTC also show similar changes. After experiencing a downward trend for four years, this ratio has broken above the long-term trend line and has started to rise since its breakthrough in 2026.
Similar patterns have appeared in earlier market stages such as 2017, 2021, and 2024, when Ethereum and other altcoins began to strengthen after Bitcoin led the gains.
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