In the dim light of the digital dawn, a curious tide is washing over the shores of Bitcoin and Ethereum. Just as the crab scuttles sideways without a care, so too do the investors flee from the once-mighty realms of these cryptographic giants toward the safety of stablecoins. 🍂
As Ali Martinez, a man who peers into the murky depths of on-chain data, noted in a recent rumble on the social media waves—capital is, indeed, continuing its exodus. The mighty Bitcoin (BTC) and Ethereum (ETH) might as well be desert mirages, for there is hardly a sign of the much-anticipated altseason. But fear not; maybe it’s just fashionably late? 😏
Capital continues to flow out of #Bitcoin and #Ethereum into stablecoins. No signs of altseason yet!
— Ali (@ali_charts) February 6, 2025
Now, cast your gaze upon the chart that accompanies Martinez’s proclamations. It reveals a sad, slow-moving dance—the dwindling capital lured away from the bold Bitcoin and Ethereum into the more placid waters of stablecoins. As of February 4, Bitcoin had just a nettled change of $0.0412 million, and poor old Ethereum trailed behind with $0.0048 million. Meanwhile, stablecoins have recently enjoyed a lavish banquet, raking in a plump net capital change of $0.0644 million. What a feast! Investors seem to have taken a vow of caution, perhaps awaiting the perfect moment to dip their toes back into the turbulent sea of investments. 🐳
If history teaches us anything, it is that capital jettisoned from Bitcoin often signals the dawn of altcoin season. Once upon a time, the streets would fill with chatter as 75% of the top 100 cryptos outpaced Bitcoin in a celebratory race. But at present, the CoinMarketCap index sits idle at a mere 33. Not quite the party we expected! Martinez points out that the oscillator indicators appear neutral; no whispers of an altseason stirring in the depths. 😬
Another analyst, Deutscher, chimed in with his own tales. He posited that this cycle bears a curious twist. Rather than moving toward time-honored altcoins, traders are ensnared by the flashy charms of low-cap on-chain tokens. “Speculative capital got stuck in illiquid on-chain meme coins,” he declared. Funny how dreams can slip through fingers, ain’t it? 😜
The launch of Pump Fun is directly correlated to the destruction of the altcoin market vs $BTC. 👇
The reason we’ve seen no major “alt season” across majors is because the speculative capital that would’ve once poured into the top 200 assets, instead decided to jump the gun and…
— Miles Deutscher (@milesdeutscher) February 4, 2025
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2025-02-06 17:48