The cryptocurrency market continues its downward trend during the "618" promotional period.
As Bitcoin briefly dipped below $65,000 this morning, ETH and other major altcoins collectively plummeted, painting a grim picture across exchanges like OKX:
- ETH: Dropped to $3,350 (now $3,402.44), down 5.64% in 24h
- SOL: Fell to $127.22 (now $132.03), down 10.98%
- PEPE: Plunged 16.18% to $0.000009573
- OP: Down 15.85% to $1.67
- STRK: Crashed 22.62% to $0.6614
- TIA: Lost 21.04%, hitting $6.007
- ZK: Newly listed, nosedived 36.4% to $0.1906
👉 Real-time market bloodbath
Per CoinGecko, the total crypto market cap shrank to $2.46 trillion**, a 4.5% drop. Derivatives traders faced **$178M in liquidations last hour—mostly long positions ($173M).
A BTC-Dominated Bull Run
This cycle’s bullish momentum has largely excluded altcoins (except memecoins). Since March’s BTC correction, altcoins like ORDI, OP, and ARB have nosedived over 70%, decoupling from BTC/ETH trends.
Why Are Altcoins Struggling?
- ETF-Driven Liquidity Shift: New capital flows into BTC via ETFs, bypassing the traditional "stablecoin → BTC/ETH → alts" pipeline.
- VC Token Unlocks: Massive unlocks flood markets with sell pressure.
- High-FDV New Listings: Projects like ZKsync and LayerZero launch with multibillion-dollar valuations, draining remaining liquidity.
Institutional Divide on Altcoin Outlook
- Bearish View: Lekker Capital warns against alts due to leverage risks and VC sell-offs.
- Bullish Case: DWF Labs predicts an altcoin rally if BTC stabilizes, citing low Google search volume as a contrarian signal.
Whale Activity: Short-Term Caution, Long-Term Hope
One whale sold July $70K BTC calls** and bought **December $70K calls, signaling short-term pessimism but year-end optimism.
Key Takeaways
- Avoid altcoin leverage.
- Monitor BTC stability for potential altcoin reversals.
- New listings and VC unlocks remain critical risks.
👉 Why altcoins might surprise in Q4
FAQ
Q: Should I buy altcoins now?
A: Not unless BTC stabilizes—high risk of further drops.
Q: What’s driving BTC’s dominance?
A: ETF inflows and institutional preference over alts.
Q: When might altcoins rebound?
A: Possibly late 2024 if macro conditions improve.