The market share of Bitcoin’s trading volume compared to all other cryptocurrencies in the market rose to its highest level in two years.

According to data from Kaiko, the share of BTC volume relative to all altcoin markets aggregated across 14 centralized exchanges rose past 50% for the first time since 2020.

Kaiko interpreted this development as bearish for market sentiment, noting that this trend was set in motion following the collapse of Terra’s ecosystem and several high-profile bankruptcies earlier this year.

“During the peak of the 2021 bull market, BTC market share dropped to record lows as traders poured funds into ETH and altcoins, which hit a market share of more than 80% in May 2021,” said the Kaiko analysts.

The report went on to note that crypto trading volumes across centralized exchanges have seen a significant decline over the last year. Between the third quarter of 2021 and this year, major U.S. crypto exchange Coinbase recorded a 50% decline in trading volume.

Speaking to CoinDesk TV, Cory Klippsten, the CEO of Swan Bitcoin, said that only three out of 22,000 altcoins have ever had a new all-time high in Bitcoin terms three or more years after their first all-time high.

“And even those have bled out tremendously, down over 60-90% since those new all-time highs. You’re basically just playing a trading game. Its trading week and Bitcoin is for saving and altcoins are for trading,” said Klippsten.