Binance Sees Ethereum’s Market Share Rise as Altcoin Volumes Collapse

Ethereum's increasing dominance in the cryptocurrency market is not due to a surge in ETH trading activity but rather a significant drop in altcoin volumes, according to a recent analysis by CryptoQuant. The report highlights that Ethereum's market share on Binance has grown primarily because trading volumes for other digital assets have sharply declined. Between January 2023 and May 2025, ETH's trading volume remained stable at 300-490 trillion, while altcoin volumes experienced a dramatic collapse. This trend underscores a shifting landscape in crypto markets, where investors may be consolidating into more established assets like Ethereum amid broader market uncertainty.

Ethereum's Market Share Gains Driven by Altcoin Decline Rather Than ETH Surge

Ethereum's growing dominance in cryptocurrency markets stems not from increased trading activity in ETH itself, but from a dramatic collapse in altcoin volumes. Analysis by CryptoQuant reveals that ETH's market share on Binance rose primarily because trading volumes for other digital assets plummeted.

Between January 2023 and May 2025, Ethereum's trading volume remained stable at 300-490 trillion, while altcoin volumes cratered from 1.57 quadrillion to just 387 trillion. This divergence suggests investors are fleeing riskier assets rather than piling into Ethereum. The network's maturity and stability appear to be attracting capital during periods of market uncertainty.

Whale activity has intensified despite ETH's 10% price drop to $2,256, signaling opportunistic accumulation. Lookonchain data from June 22 shows large investors treating the dip as a buying opportunity, even as geopolitical tensions weigh on broader crypto markets.

Self Chain Terminates CEO Amid $50M OTC Scam Allegations

Self Chain, a Layer-1 blockchain, has severed ties with CEO Ravindra Kumar following explosive allegations of a $50 million over-the-counter scam. The claims surfaced on Friday, implicating Kumar in a series of OTC frauds involving entities like Aza Ventures, which aired the accusations via Telegram.

Kumar initially denied wrongdoing, pledging a formal response. OTC transactions, typically orchestrated off-exchange to mitigate slippage on large trades, rely on brokers to facilitate deals. The Self Chain token (SLF), listed on Binance, plummeted 35.9% weekly as the scandal unfolded.

The project's official statement confirmed Kumar's termination, stripping him of all affiliations. "No founding members were authorized to conduct SLF-related OTC deals," the team emphasized, distancing itself from unauthorized market activity. Kumar subsequently amended his social media profiles, removing CEO references.