Since the beginning of 2025, Binance has seen a significant increase in altcoin liquidations. Experts noted that this figure has surpassed Bitcoin (BTC) for the first time. While Bitcoin accounted for the bulk of liquidations in 2024, alternative cryptocurrencies have begun to actively catch up this year, finally taking the lead in July. Data on the sharp decline in the BTC vs. Altcoin Cumulative Liquidation Delta confirms that altcoins are driving the bulk of liquidations.
This trend became especially evident during the summer months, when liquidations of alternative cryptocurrency positions began to rise in both directions—long and short. This indicates high trader engagement and their willingness to actively speculate on sharp price movements. For Binance, which has one of the deepest liquidities in the market, such changes are a key indicator of a shift in interest toward altcoins.
Altcoin liquidations on Binance overtook BTC in 2025.
Key trend
Since the beginning of 2025, there has been a significant increase in the number of altcoin liquidations on the Binance platform. This marks the first time that the total value of such transactions for alternative cryptocurrencies has exceeded that for Bitcoin.
What happened
While Bitcoin was the primary source of liquidations in 2024, the situation has changed dramatically since July 2025. Altcoins now account for the dominant share of liquidations, as evidenced by the “BTC vs Altcoin Cumulative Liquidation Delta” index.
Interestingly, the summer period saw a surge in liquidations in both long and short positions in altcoins, indicating high trader activity and growing speculative sentiment.
What does this mean for the market?
Experts attribute this trend to the widespread use of leverage, which makes the market more susceptible to sharp fluctuations. Massive forced position closures can intensify and accelerate price rises and falls.
Traders’ Shifting Focus
Players’ attention has now shifted to altcoins, a segment that has become more attractive for speculation. Previously, this role was primarily played by Bitcoin.
Market Behavior and the Greed Index
Despite the increase in activity, the Greed Index shows that the market is not yet overheated: the current level is around 11 points, while in previous bullish cycles the indicator reached 16. This suggests that investors are exercising moderation and caution.
Who drives the market?
Activity is primarily coming from short-term holders, while large institutional investors continue to show steady, albeit measured, interest. Overall, the market is evolving gradually—”up the stairs, not the elevator,” which reduces the risk of sudden overheating.
