Cryptocurrency exchange Bitfinex stated that altcoins showed resilience during last week's market sell-off, with a decrease in Bitcoin dominance (the proportion of Bitcoin market value to the total cryptocurrency market value) as selling pressure intensified, unlike previous market downturns. Bitfinex believes that if the market capitalization of Bitcoin has indeed reached a local high, altcoins may perform better in the coming months.

In its "Bitfinex Alpha" report released on Monday, Bitfinex pointed out that last week's market downturn pushed Bitcoin prices below the key low of $56711 seen on May 1st, a level that had previously triggered a rapid rebound. The recent sell-off has led to a decrease in leveraged positions, indicating that the market may be approaching local lows.

Bitfinex also pointed out that the correlation between Bitcoin prices and traditional financial markets still exists, and the significant outflow of funds from spot ETFs in the past week indicates that traditional financial investors are reducing their exposure to cryptocurrencies. It is worth noting that since August 27th, the net outflow of Bitcoin ETFs has reached $706.1 million, and the cumulative increase in spot trades (CVD) has shown a downward trend, indicating aggressive selling in the spot market.

At the same time, the altcoin market has shown resilience, with Bitcoin's market capitalization decreasing by 1.3% during last week's intensified sell-off, while all other cryptocurrency assets (excluding the top ten cryptocurrencies by market capitalization) increased by 4.4%. Bitfinex continues to write:

We cannot help but say that this change implies a potential pattern shift, where investors are seeking the value of altcoins, which is different from the typical pattern of investors flocking to Bitcoin during downturns

Bitfinex added that the number of open contracts for altcoins has also dropped by 55% from historical highs, indicating a cold speculative interest and potential exhaustion of sellers. In addition, as a representative of the altcoin market, the ETH/BTC ratio is still below its 365 day simple moving average (SMA), reflecting the overall poor performance of Ethereum (ETH) since its merger.

Bitfinex believes that if the market capitalization of Bitcoin has indeed reached a local high, "we may see a period of altcoins outperforming the market in the coming months, which could lay the foundation for a bullish fourth quarter if macroeconomic pressures ease.

data source

(责任编辑：白银TD)

• ·比特币如今行情-比特币如今行情怎么样
• ·复旦张江：奥贝胆酸片用于治疗原发性胆汁性胆管炎药品上市申请获得受理
• ·请问速贷之家好通过吗？最近想在速贷之家上借款。
• ·10月31日嘉实新思路混合A净值增长0.10%，今年来累计上涨8.52%
• ·代收代付差价收入的账务处理怎么做
• ·10月31日汇添富科技创新混合C净值增长0.62%，近3个月累计上涨18.91%
• ·解读 Sonic：首个 Solana 上为游戏而生的 L2，引领“一键发链”的游戏盛宴
• ·10月31日大成动态量化配置策略混合A净值下跌0.24%，今年来累计下跌33.49%
• ·湍波币价格
• ·10月31日交银启嘉混合C净值增长1.05%，近3个月累计上涨20.95%
• ·2025 年第二季度末之前狗狗币（DOGE）将飙升多少？
• ·10月31日银华乐享混合A净值增长3.05%，近3个月累计上涨26.39%
• ·Virtuals的套利密码：如何用首发打出百倍收益？
• ·银行存款活期到底是什么意思？简单解释下呗？
• ·NFT的未来悬而未决：SEC监管引发的艺术家诉讼
• ·重庆钢铁股份(01053.HK)：股票价格短期涨幅较大 不存在影响公司股票交易价格异常波动的重大事项