According to Ki Young Ju, the absence of direct BTC-to-altcoin rotation on crypto exchanges could be attributed to the current market dynamics and liquidity issues. Traders are likely opting for USD pairs due to higher liquidity and lower slippage, making BTC as an intermediary less attractive for altcoin trading. This trend is observed across major exchanges where USD pairs dominate trading volumes. (Source: Ki Young Ju on Twitter, February 21, 2025)