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)

• ·MDX币价格今日行情
• ·80% 的美国人希望将比特币作为国家储备，而不是黄金
• ·牛市不牛？DeFi 老研究员带你从数据看市场现状
• ·美国参议院不顾民主党反对，推进GENIUS稳定币立法
• ·虚拟币实时行情
• ·租赁公司需要什么成本票
• ·为什么美国证券交易委员会对NFT的看法是错误的？
• ·观点：为何坚定看好以太坊
• ·比特幣反彈衝上 58,000 美元！NYDIG：短期漲勢難延續，第四季度是關鍵
• ·狗币中国交易平台
• ·股票哪天分红-股票哪天分红怎么看
• ·中国比特币购买交易平台排名 八大以太坊|比特币交易平台排行榜单
• ·比特币图表上出现新的“逢低买入”信号，增强看涨势头
• ·从炒作到价值：Meme Coin 如何拥抱现实世界资产？
• ·材料成本差异是备抵账户吗
• ·比特币最高的价格