Where Is Altseason? Money Is Rotating Back into Bitcoin, ETH ETFs Bleed

Core Insights - The anticipated altseason has not materialized, with capital rotation favoring Bitcoin over altcoins [1] - Bitcoin's market dominance has increased to 59.1%, while its price has rebounded to $111,000 from a low of $104,000 [1] - Ethereum ETFs experienced significant outflows, totaling $128 million, while Bitcoin ETFs saw inflows of $20.33 million, led by BlackRock's IBIT with $108 million [2] Market Dynamics - The Altcoin Season Index is at 24, indicating a strong preference for Bitcoin, as Ethereum struggles to surpass its 2021 high of $4,800 [3] - Bitcoin commands 27.17% of Binance's futures market, with trading volume reaching $543.33 billion in October, up from $418 billion in September [4] - Analysts suggest that if the current trends in funding rates and open interest persist, Bitcoin may break through historical resistance levels [5] Investor Behavior - The current market trend shows liquidity flowing into safer assets like Bitcoin before moving to riskier altcoins, consistent with previous cycles [6] - Bitcoin has surged 8.5 times from its 2022 low of $15,400 to around $126,000, while altcoins remain stagnant [7] - Expectations of three Federal Reserve rate cuts in 2025 may lead to a return of liquidity to risk assets, prompting interest in altcoins [7]