Altcoin futures at 37% of exchange volume — lowest since 2022 — and Binance doubles the liquidity program while quietly dropping ICP, INJ, and CFX in favor of DeFi-heavy pairs like AAVE, MORPHO, GMX, DYDX. They're building order book depth for a rotation that hasn't started yet, with $45B in stablecoins and $4B in net inflows since Feb still sidelined on-platform. 192 days without an altcoin season and Binance is laying plumbing — either they know something about capital flows we don't, or they're just tired of watching thin books get arbed to death on their own exchange.

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