Tazmina Rashid
Research Analyst
Last Updated:
January 26, 2026
•
5 Minutes
Altcoins Analytics 26th January 2026
This week's edition of our Crypto Altcoins Analytics.
BTC and Altcoin Dominance
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 Outperformance vs BTC
Altcoins Outperformance – The past week has seen SOL, ETH and XRP overall underperform relative BTC. SOL in particular had a large spike in underperformance on Jan 25, dropping further in percentage terms than XRP and ETH relative to BTC.
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, there were significant outflows. BTC and ETH both recorded several outflow days, with ETH showing the largest single-day outflow of the week and BTC also posting a notable outflow spike. Altcoin ETF activity was relatively quiet overall, but flows still leaned slightly negative, with SOL and XRP seeing a few outflow days. LTC and DOGE remained close to zero with only minor flows.
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.
Free
PREMIUM
Institutional
Altcoins Analytics 26th January 2026
This week's edition of our Crypto Altcoins Analytics.
Free
PREMIUM
Institutional
Rate Cut Hopes On Hold
JPY volatility surged on intervention chatter as USDJPY hit 159.23 before reversing to 155.63 by Friday’s close and now trades at 153.61, alongside renewed focus on elevated JGB yields. US shutdown risk repriced sharply, with Polymarket showing the probability of a shutdown by month-end rising from 9% to 80% over the past 48 hours. Crypto moved risk-off with BTC falling just under 86K and ETH trading below 3K, while spot Bitcoin ETFs saw 1.33B of net outflows last week, the worst week since February 2025, and seven-day 25-delta skews remained put-heavy at minus 7% for BTC and minus 8% for ETH. Defensive assets outperformed as gold hit a record above 5,100 per ounce after rising 8% last week, while Japan and South Korea saw longer-dated crypto catalysts with Japan potentially approving its first crypto ETFs as early as 2028 and Coinone exploring a partial stake sale by its chairman.
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Institutional
2026 – the year of RWA perps?
In 2025, we predicted that stablecoin market, widely accepted as the first successful use case of real world asset (RWA) tokenisation, would grow significantly in both supply and volume. That prediction was due in part to their role in fulfilling a number of stated goals of the Trump 2.0 administration, as well as regulatory advancements in the US to establish guard rails for crypto assets and stablecoins (such as the GENIUS Act and CLARITY Act). As seen in Figure 1 below, growth in tokenised assets in crypto has begun to scale exponentially, particularly since 2024. That was driven by a combination of institutional and retail user interest.