Bitcoin, Ethereum and XRP remain rangebound, while speculative capital has moved into institutional-infrastructure altcoins over the past days. Santiment said Quant recorded 645 transactions worth at least $100,000 in one day, its highest count on record. Santiment also reported The Graph's busiest day this year for transactions of that size. Glassnode said altcoin spot trading volume has risen to nearly four times Bitcoin's, the highest ratio since September 2025. Glassnode cautioned that the ratio alone cannot predict a Bitcoin reversal.