Bitcoin Dominance Soars as Ethereum ETFs See $128 Million Outflow
The anticipated altseason is absent as capital flows back to Bitcoin. While some predict an altcoin resurgence, ETF data indicates investors are currently more focused on BTC.
- Bitcoin's market dominance has increased to 59.1%, with its price rebounding to $111K from weekly lows of $104K.
- On October 23, Ethereum ETFs experienced net outflows of $128 million, whereas Bitcoin ETFs saw net inflows totaling $20.33 million, primarily from BlackRock's IBIT with $108 million.
- The Altcoin Season Index is at 24, favoring Bitcoin, as Ethereum struggles to surpass its previous high of $4,800.
Futures Market Trends
- Bitcoin dominates Binance’s futures market, capturing 27.17% of a $2 trillion volume in October.
- Monthly Bitcoin futures trading reached $543.33 billion, up from September's $418 billion.
- Analysts suggest that continuous increases in funding rates and open interest could lead to a breakout for Bitcoin.
Altseason Prospects
- Crypto influencer Ash Crypto notes that bull markets usually start with liquidity moving into safer assets before transitioning to riskier ones.
- Bitcoin has risen 8.5x from its 2022 low, but altcoins remain stable due to preferences for gold, US equities, and Bitcoin.
- Ash Crypto anticipates that upcoming Federal Reserve rate cuts and the end of quantitative tightening may redirect liquidity towards risk assets.