Key Notes
- Ethereum spot ETFs saw $128 million in outflows.
- Meanwhile, Bitcoin ETFs gained $20.33 million in net inflows.Bitcoin dominates Binance’s $2 trillion futures volume, accounting for 27% of total trades in October.
The long-awaited altseason is nowhere to be seen as market data reveals a clear rotation of capital back into Bitcoin
BTC
$111 014
24h volatility:
1.6%
Market cap:
$2.22 T
Vol. 24h:
$52.62 B
. While analysts predict an eventual altcoin revival, ETF flows show that institutional and retail investors are focused more on BTC than altcoins.
According to the data from CoinMarketCap, the dominance of Bitcoin has soared to 59.1% while the leading cryptocurrency has reclaimed the $111K price level, rebounding from weekly lows of $104K.
Bitcoin ETFs Attract Inflows While Ethereum Bleeds
On Oct. 23, spot Ethereum
ETH
$3 954
24h volatility:
1.8%
Market cap:
$477.95 B
Vol. 24h:
$33.71 B
exchange-traded funds (ETFs) saw total net outflows of $128 million, with none of the nine ETH ETFs recording inflows. This marks one of the largest daily outflows since their launch.
On the other hand, Bitcoin spot ETFs recorded total net inflows of $20.33 million, led by BlackRock’s IBIT with a massive $108 million inflow.
Meanwhile, the Altcoin Season Index reads 24, which heavily favors the world’s largest digital asset. Ethereum’s inability to break past its 2021 all-time high of $4,800 in contrast to Bitcoin printing new highs above $120K represent the weaker demand for altcoins.
Futures Market Confirms Bitcoin’s Dominance
According to data from CryptoQuant, Bitcoin continues to dominate Binance’s futures market, commanding 27.17% of the exchange’s $2.002 trillion futures volume in October.
Monthly Bitcoin futures trading reached $543.33 billion, a major increase from September’s $418 billion. The consistent $2 trillion-plus trading volume showcases increased market activity and confidence.
BTC futures trading volume | Source: CryptoQuant
CryptoQuant analysts suggest that if the rising trend in funding rates and open interest continues, Bitcoin may be poised for a breakout beyond its historical resistance levels.
Altseason Delayed, but Not Dead
Crypto influencer Ash Crypto stated that bull markets typically begin with liquidity flowing into safer assets before rotating into riskier ones. He explained that the sequence often unfolds as USD, BTC, ETH, high caps, and finally low caps. This pattern has been consistent with previous cycles in 2017 and 2021.
Ash Crypto also pointed out that while Bitcoin has surged 8.5x from its 2022 bear market low of $15,400 to around $126,000, altcoins remain range-bound. Investors have favored safe havens such as gold, top-performing US equities, and Bitcoin itself, not altcoins.
However, Ash Crypto believes that with three Federal Reserve rate cuts expected in 2025 and quantitative tightening coming to an end, liquidity will eventually return to risk assets, as investors look for the next big crypto.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Parth Dubey on LinkedIn
Source: https://www.coinspeaker.com/altseason-delayed-btc-gains-eth-etfs-bleed/
