Coinbase Sees Early Signs of Altcoin Season Ahead
Main Idea
Bitcoin's dominance is declining while Ethereum and altcoins show strong performance, with Ethereum ETFs attracting significant inflows and altcoin market capitalization surging, signaling potential early signs of an altcoin season.
Key Points
1. Bitcoin dominance dropped from 65% to 59%, with Ethereum leading the charge as US spot ETH ETFs pulled in over $3 billion in the first half of August.
2. ETH prices surged nearly 20% this week, reaching a yearly high of $4,765, alongside record institutional inflows into Ethereum ETFs.
3. Altcoin market capitalization surged by over 50% since early July, though altcoin season indexes remain below the 75 threshold.
4. The Federal Reserve’s expected September interest rate cut, with odds at 92%, could unlock more retail investment into altcoins.
5. Ethereum ETFs saw strong inflows, including a record $1 billion in a single day, with BlackRock’s iShares Ethereum Trust leading with $519.68 million in one day.
Description
Coinbase’s suspicion is fueled by Bitcoin dominance dropping from 65% to 59%, rising altcoin market capitalization, and expectations of a September Fed rate cut that could unleash retail capital into high-risk assets. Historical signals, like Bitcoin dominance’s first monthly bearish cross since January of 2021, add weight to the bullish case. Ethereum is leading the charge, with US spot ETH ETFs pulling in over $3 billion in the first half of August, including a record $1 billion in a single da...
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