Bitcoin’s market dominance has contracted sharply, dropping from 64% to 60% amid significant profit-taking by large holders. This shift indicates the potential start of an altcoin season as capital rotates toward alternative cryptocurrencies.
New Bitcoin whales liquidated assets above the $120,000 price threshold, marking the third major profit-realization wave during the ongoing bull market. The $6-8 billion in realized profits throughout late July represents levels comparable to previous cycle peaks and reflects intensified selling pressure on Bitcoin.
Simultaneously, investors have shifted focus toward altcoins including Ethereum and mid-cap tokens, accelerating Bitcoin’s declining market share. Bitcoin currently trades at $118,294.24, having gained 21.46% over the past quarter amid elevated trading volumes and whale activity.
Market analysts note that such contractions in Bitcoin dominance historically signal the onset of altcoin seasons, as capital seeks opportunities beyond the flagship cryptocurrency. This rotation suggests broadening participation across the digital asset ecosystem.