Key Takeaways
In the grand theatre of July, altcoins took center stage, despite the audience’s initial applause for Bitcoin. Rising exchange inflows and BTC.D’s reluctance to rise above 63% suggest a subtle curtain call for our erstwhile star.
July, my dear readers, was a month where the crypto market decided to play a game of musical chairs. 🎶
The total crypto market cap soared by 13.3%, largely thanks to Bitcoin [BTC] daring to flirt with its all-time highs once more. However, the real drama unfolded with Ethereum [ETH] leading a record-breaking 19-day streak of net inflows into spot ETH ETFs. A true spectacle!
And what a spectacle it was! Bitcoin dominance [BTC.D] took a nosedive of 5.2% to 60.6%, while altcoin dominance skyrocketed by 10% to 39.2%, marking the most significant rotation since the dawn of 2021. 🚀
Zooming in on the cast of characters, Ethereum dominance [ETH.D] surged by over 12%, reclaiming levels not seen since the “Trump pump.” The BTC-ETH ratio widened as capital flowed down the risk curve, much like a river finding its way to the sea. 🌊
Yet, while Ethereum led the charge, the rotation spread far and wide across the market, with altcoin dominance steadily eroding Bitcoin’s share. It’s as if Bitcoin was a king whose subjects have finally decided to rebel. 🤴️
TOTAL3 (the market cap excluding BTC and ETH) witnessed an influx of over $100 billion post-BTC ATH, signaling a bold and aggressive flow into the long tail of altcoins. Traders, it seems, are chasing momentum across the outliers like moths to a flame. 🦋
Exchange-side pressure builds across altcoins
Since reaching a local peak of $1.07 trillion, TOTAL3 has retreated to $980 billion, logging roughly $20 billion in outflows over the past two weeks. Meanwhile, BTC.D managed to print two strong weekly green candles, a feat worthy of a standing ovation. 🎉
Adding to the drama, a fresh CryptoQuant report flagged a sharp spike in altcoin deposits to Binance. The 7-day transaction count has surpassed 45k, marking the highest since the waning days of 2024. 📈
What stands out is the impeccable timing. Bitcoin remains tantalizingly close to its all-time highs, yet altcoins are experiencing a surge in inflows. History, my friends, has shown us that similar spikes in March and November 2024 were harbingers of impending drawdowns for both BTC and alts. ⚠️
Adding to this ominous signal, BTC.D flipped red on the week, stubbornly refusing to rise above 63%. While this hints at a continued altcoin rotation, the aggressive inflows suggest that traders might be cashing out at the height of the party, rather than truly rotating. 🕺
In short, the market finds itself at a pivotal moment. July’s rally pushed risk assets into overbought territory, with altcoins looking decidedly stretched. Ethereum’s 3% decline signals a waning momentum. If this trend continues, we may be heading into a cooldown phase before any fresh breakout. ❄️🔥
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2025-08-07 20:28