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：货币)

• ·什么股票赚钱最快-什么股票赚钱最快最好
• ·派币合约冷钱包 派币合约冷钱包快速版本v6.5.0
• ·ssc币行情最新价格
• ·冷冻行业的税率是多少
• ·多交了企业所得税怎么申请退款
• ·工商社保卡丢失，如何补办新卡？详细步骤解析。
• ·尽管法律风波不断，Telegram去年盈利5亿美元并计划2025年实现更大增长
• ·在招联好期贷上的不良记录怎么消除呢？
• ·Believe在高费率与信任危机中寻求突破：ICM热潮后的冷思考
• ·比特币滚仓是什么意思一文了解
• ·As the price of Polkadot drops by half, founder Gavin Wood decides to become a DJ
• ·10月31日汇添富价值成长均衡投资混合A净值下跌0.95%，近1个月累计下跌3.36%
• ·收入按合同金额还是实际收到金额
• ·涨停揭秘 | 泰禾智能5连板涨停，封板资金2.02亿元
• ·以太坊“余烬之剑”关闭，投资者陷入混乱
• ·涨停揭秘 | 奥瑞德首板涨停，封板资金2206.12万元