Glassnode: altcoins up 21% but lose market share to bitcoin
- —Altcoin market cap +21% over the month, but market share -0.9 percentage points over 90 days
- —Bitcoin rebounded 27% from a $62,000 low and trades around $79,000
- —The $83,000-$86,000 zone is a cost-basis wall of 1.07 million BTC
- —Spot BTC ETFs: $463 million outflow on September 8-11, $159.9 million inflow on September 14
Why it matters: The altcoin rally hinges on the outcome of the September 16 Fed meeting and the CLARITY Act vote, both of which will determine whether capital rotation out of bitcoin begins.
Source: CryptoSlate