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：银饰)

• ·2023十大虚拟币交易平台交易平台排行 盘点十大比特币平台
• ·10月31日嘉实价值驱动一年持有期混合A净值下跌0.38%，近1个月累计下跌6.15%
• ·ios虚拟币交易app排行榜一览
• ·10月31日长盛养老健康混合C净值下跌0.42%，近1个月累计下跌4.55%
• ·凤梨是啥？一篇让你流口水的科普！凤梨是什么
• ·10月31日汇添富优势企业精选混合A净值下跌0.51%，近1个月累计下跌5.08%
• ·东南第一山在哪里-东南第一山在哪里九华山
• ·蚂蚁花呗没有资格开通的原因是什么？试了好多次都不能开通。
• ·排名前十的数字货币交易平台哪些上榜
• ·sushl币今日价格
• ·比特币交易平台国家合法平台有哪些？数字货币平台排行
• ·法院支持 SEC：Green United 加密矿机欺诈骗局曝光，矿机交易实为证券
• ·十大虚拟币交易平台app汇总！
• ·10月31日国投瑞银瑞源灵活配置混合A净值增长0.59%，近3个月累计上涨8.66%
• ·全球最大数字货币交易所_币圈交易所排名 最新
• ·菏泽市的住房公积金贷款的还款方法有什么呢？