According to Talos, capital is now clustering around a smaller number of assets rather than rotating broadly into the long tail of cryptocurrencies. The strongest performers are HYPE, LIT, UNI and MORPHO in decentralized finance, along with ZEC, NEAR and XMR for privacy, and VVV and TAO in the artificial intelligence sector. Market maker participation in altcoin trading fell from around 65% at the end of 2024 to approximately 32% in September 2024, while assets such as PONS showed the largest gains over thirty days. Trading volume on certain unconventional pairs, like BONK/HIMS or SPACEHOOD/SPCX, exceeded 425 million dollars in twenty-four hours in early September, indicating an expansion of asset categories being traded.
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