Crypto Market Gains as US Stock Market Experiences Decline

The cryptocurrency market is showing signs of decoupling from the US stock market as of September 2. Key points include:

While the S&P 500 dropped by 1.48% to 6,364 points, Bitcoin gained 1.58% to $110,987.
The total crypto market cap surpassed $3.77 trillion, up 1.5% intraday.
Signals indicate a potential altseason, with the Altseason Index reaching 61, the highest in 8 months.
Bitcoin Dominance Index has broken down from a multi-year uptrend, suggesting capital rotation to altcoins.
Institutional interest is notable with ETH ETF inflows and Bitcoin whales selling BTC to accumulate Ethereum.
Michael Saylor’s company purchased over 4,000 BTC for $449 million, indicating significant investment activity.

Historically, Bitcoin has correlated with the S&P 500, but recent trends suggest a shift. As of now, Bitcoin dominance stands at approximately 58%, following a peak of 65% during this cycle.