The chief executive of blockchain intelligence platform CryptoQuant believes a potential incoming altseason will not be like prior ones for one key reason.

On-chain analyst Ki Young Ju tells his 381,200 followers on the social media platform X that, unlike past cycles, liquidity can no longer flow at the same levels from Bitcoin (BTC) into altcoins, sending them soaring.

The analyst says there is now massive traditional finance participation in Bitcoin, including through spot market BTC exchange-traded funds (ETFs) and increased buying by software company MicroStrategy (MSTR).

“This alt season won’t be what you expected. It’s going to be weird and challenging. Only a chosen few will win the game. Market sentiment is good, but there isn’t much fresh liquidity. Bitcoin is drifting away from the crypto ecosystem. Bitcoin has built its own paper-based layer-2 ecosystem through ETFs, MSTR, funds and more. In this paper-based L2 Bitcoin bridging to other altcoins is impossible.”

He also shares a chart showing Bitcoin’s price correlation with alts. A score of 1 is the highest correlation, whereas the lowest correlation possible is 0.

“Altcoins used to move together based on their correlation with BTC, but that pattern has now broken. Only a few are starting to show independent trends as they attract new liquidity.”

The analyst notes that spot market BTC ETFs have accumulated as much as is believed to have been mined by Bitcoin’s pseudonymous founder Satoshi Nakamoto in the early days of the cryptocurrency’s existence.

“Bitcoin spot ETFs now hold as much BTC as Satoshi Nakamoto (Patoshi).”

He also says that investor demand for the ETF product is returning to its historical high.

“Bitcoin ETF demand is as strong as at their initial approval this year.”

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Among the highest-ranked cryptocurrencies by market cap, Tron is the only token that performed up to 104% in a day, while Bitcoin suffered to $93,000 earlier today.

Tron (TRX), a cryptocurrency with a surging $36 billion in market capitalization, has seen a massive trading day with $10 billion in trading volume or an increase of almost 500%. The token price also soared by 95%, from $0.21 to $0.43 in a day at the time of writing.

The token released for blockchain-based operating systems has recorded a news all-time high of $0.4, surpassing the June 2018 peak, and the price also skyrocketed to 157% in just one month.

As a blockchain with smart contract functions, they record high transactions from Tether’s USDT. They also become one of the most prominent blockchains for decentralized finance (DeFi) and transactions.

TRX is the only crypto-token among the top-ranked by market cap, which is performed while the others are facing struggling prices after Bitcoin (BTC) dipped to $93,000. Ethereum (ETH) and Ripple’s XRP (XRP) also decreased by 0.46% and 5.5% in a day of trading, respectively.

Tron price predictions

On Dec. 03, Tron had already passed the $20 billion market cap and now surpassed $36 billion. The target price may increase even further, with recent developments saying it would go up to $1 per TRX. This means that the price will rise 150% from the current price of $0.4.

This target comes with a reason: the company now handled Tether’s USDT transactions with over $196 billion, or even bigger than Visa does. The token circulations are also only 86 billion, while the highest is 11 billion circulated in 2022, which means that there is still room to grow along with the ecosystem.

Satoshi Act Fund founder Dennis Porter announced that several U.S. states are preparing to propose legislation for sovereign Bitcoin reserves.

In an attempt to front-run President Donald Trump’s Bitcoin (BTC) promise, Porter has lobbied local policymakers to introduce legislation for BTC stockpiles across 10 state jurisdictions. Porter disclosed the development via an X thread, highlighting efforts from his Satoshi Act Fund organization toward passing Bitcoin-focused laws.

I can now officially confirm and announce that 10 states will be introducing ‘Strategic Bitcoin Reserves’ legislation here in the great United STATES of America. We are going to win with Bitcoin. We will lead the world. No one will come close. The word will follow our lead.

Dennis Porter, Satoshi Act Fund founder and CEO

The public BTC supported also announced a joint discussion with Wyoming Senator Cynthia Lummis regarding her BITCOIN ACT, suggesting that Porter has engaged federal lawmakers to position the U.S. as a Bitcoin leader.

Lummis’s proposal would transfer 207,000 BTC seized by authorities to the Treasury Department. The Senator also pushed to convert U.S. gold certificates to finance BTC purchases and accumulate one million coins over five years.

“The race is on. Let the game theory begin,” Porter tweeted, referring to President Trump’s plan to establish a government BTC stockpile from America’s existing $19 billion horde.

Nations, states, and governments are rushing to grab portions of BTC’s 21 million fixed supply following Trump’s victory at the presidential polls. Within the U.S., Pennsylvania already passed a bill legalizing BTC payments and crypto self-custody. The state also introduced a bill paving the way for its own BTC reserve in November.

On the international front, Brazil’s Senate considered pitching a national BTC reserve to President Luiz Inácio Lula da SilvaCongressman Eros Biondini submitted the idea to Brazil’s Chamber of Deputies as crypto.news reported.