Tazmina Rashid
Research Analyst
Last Updated:
February 23, 2026
•
8 Minutes
Altcoins Analytics 23rd February 2026
This week's edition of our Crypto Altcoins Analytics.
BTC and Altcoin Dominance
Bitcoin and Altcoin Dominance – Both Bitcoin and Altcoin dominance has remained broadly flat over this past week. Over a longer timescale, BTC dominance continues a very slight decline since Nov 2025, now at ~56.5%, down from ~57.8%. Altcoin dominance is also dropping, down from ~34.0% to ~30.9% over the same period.
BTC Dominance
Altcoin Dominance
Altcoins / BTC Spot Crosses
Altcoin spot prices denominated in BTC: BNB
Altcoin spot prices denominated in BTC: SOL
Altcoin spot prices denominated in BTC: XRP
Altcoin spot prices denominated in BTC: ETH
Altcoins vs BTC
Altcoins vs BTC – There is still an overall leaning towards XRP, ETH and SOL underperforming, relative to BTC with SOL and ETH lagging by as much as -2.6% and -2.3% relative to BTC’s daily move. However, these divergences are less than previous weeks
Daily relative simple returns vs BTC
Altcoin Performance vs BTC
Daily relative simple returns vs BTC: ETH
Daily relative simple returns vs BTC: BNB
Daily relative simple returns vs BTC: SOL
Daily relative simple returns vs BTC: XRP
ETF Flows: BTC, ETH & Altcoins
ETF Flows – Over the past week, BTC ETFs recorded $315.9M of net outflows, while ETH ETFs saw roughly $123.4M of net outflows.
Activity in altcoin ETFs was largely muted, with flows staying close to zero across recent sessions.
AVAX saw a $4.26M inflow on 17 Feb, its highest single-day inflow since launch in January.
ETF net Flows: BTC, ETH & Altcoins
Regression-Based Valuation vs BTC
ETH Spot vs BTC Spot regression
BNB Spot vs BTC Spot regression
SOL Spot vs BTC Spot regression
XRP Spot vs BTC Spot regression
Risk Appetite Index
Risk Appetite Index - SOL
Risk Appetite Index - SUI
Block Scholes’ Risk Appetite Index measures the level of euphoria (above 1) or panic (below -1) in the spot market. Momentum in this index shows a strong relationship to spot returns.
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Trump-Led "Board of Peace" Considers Dollar-Pegged Stablecoin
Risk appetite keeps weakening as BTC briefly fell to $62K and spot BTC ETFs logged outflows in 6 of the last 8 sessions, including $203.8M sold yesterday, while derivatives also turned more defensive with ETH funding at -0.019% and 7D 25-delta skew dropping to -17% for BTC from -7% in 24 hours and to -15% for ETH from -8%. Despite the risk-off tone, selective buying persists with Strategy purchasing 592 BTC for $40M at an average $67,286, while Bitmine added 51,162 ETH and now reports 4,422,659 ETH valued at $1,958 per ETH, with 3,040,483 ETH staked and $171M in annualised staking revenue.
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Altcoins Analytics 23rd February 2026
This week's edition of our Crypto Altcoins Analytics.
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Institutional
“I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff”
BTC broke below its three-week $65k–$70k range, briefly dropping to $64,300 and ending the session back above $66k after a 4.8% daily drawdown. The US Supreme Court struck down most of Trump’s IEEPA tariffs, leaving potential refunds up to $170bn, while Trump moved to raise the global baseline tariff from 10% to 15% under Section 122 for up to 150 days; US equities rose and long-end yields climbed to 4.75% on the 30-year. Separately, the SEC clarified broker-dealers may apply a 2% haircut to certain stablecoin proprietary positions, Tether will cease CNH₮ issuance immediately with redemptions open for one year, and Bitdeer liquidated its remaining bitcoin holdings as it raises capital to expand data centres and pivot toward AI.