The return of the Bitcoin overlord: Big changes in the digital asset market
After rebounding strongly from the bottom in November 2022, Bitcoin’s dominance in the digital asset field has rapidly increased, soaring from 38% to 56.2% today, re-establishing its leading position in the market. During the same period, although Ethereum firmly held the second place, its dominance dropped slightly by 1.5%, indicating a redistribution of market power. Stablecoins and altcoins experienced a more significant decline in share, decreasing by 9.9% and 5.9% respectively.
Although the market as a whole has declined from its historical peak in March, Bitcoin, Ethereum and stablecoins still show strong vitality and continue to attract net positive capital inflows. It is worth noting that only 34% of trading days recorded significant 30-day net inflows of US dollars, demonstrating the resilience of capital flows amid market volatility.
More importantly, through the perspective of major asset buyer and seller indicators, we found that since hitting a new high in March 2024, seller pressure has significantly weakened, and positive + exchange Junyang: 954737157 data points were recorded for the first time after June 2023. ($91.8 million/day), indicating that the market may be ushering in a buyer-led turnaround. This indicator shows that the inflow of stablecoins has exceeded the outflow of sellers of BTC+ETH, indicating that capital is transferring to more valuable assets, bringing new vitality and opportunities to the market.
