Bitcoin Updates: Altcoin Recovery Depends on Bitcoin's Performance, Ethereum Withdrawals, and Federal Reserve Ambiguity
- Altcoins may rebound if Bitcoin's dominance breaks below 59% on Ichimoku cloud, triggering liquidity rotation into smaller cryptocurrencies. - Institutional demand grows as 21Shares and Bitwise apply for altcoin ETFs, with Solana Staking ETF (BSOL) seeing $55.4M debut volume. - Ethereum faces outflows ($81.44M) and whale selling (30,300 ETH), while Fed rate uncertainty caused $550M crypto ETF outflows in October. - Analysts note Altcoin Season Index remains near 2022 lows, but regulatory clarity or Bitco
Altcoins seem poised for a possible recovery, as several market signals and institutional actions point to a change in investor mood. Bitcoin’s share of the overall crypto market is once again testing a significant resistance point at 59% on the Ichimoku cloud—a level that has often marked pivotal moments in previous market cycles. Should
Interest from major institutions in altcoins is also accelerating, with asset managers competing to introduce new investment vehicles. Swiss-based 21Shares has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Hyperliquid (HYPE) ETF, joining Bitwise, which recently filed for a similar fund, according to
Nevertheless, the altcoin surge is facing some obstacles.
Market conditions are further complicated by uncertainty surrounding the Federal Reserve. On October 29, U.S. crypto ETFs experienced combined outflows of $550 million after Fed Chair Jerome Powell suggested that the recent 25-basis-point rate reduction might be the final cut for 2025. Bitcoin ETFs alone saw $470.71 million in withdrawals, led by Fidelity’s FBTC. Ethereum ETFs also faced redemptions, though BlackRock’s ETHA managed to attract new investments. The Fed’s dovish stance has increased volatility, with Bitcoin dropping below $110,000 and Ethereum falling to $3,904, according to
In spite of these hurdles, market analysts maintain a cautious optimism. The Altcoin Season Index, which tracks how altcoins perform compared to Bitcoin, remains close to the lows seen during the 2022 bear market, reflecting a "wait-and-see" approach among investors. Still, a decisive event—such as a drop in Bitcoin dominance or new regulatory clarity—could spark a surge of FOMO-driven buying, much like previous cycles, as BeinCrypto highlighted.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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