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Bitcoin’s march toward $100K stalled this week, dropping as low as ~$91K on Tuesday. Driven by a mixture of factors, such as overdue corrections and slowing ETF flows, the drop quickly recovered, pushing BTC back to ~$95K.
In the midst of this, ETH outperformed, up ~8% versus Bitcoin’s -2% on the week, breaking records in the process as blob activity surged onchain and open interest hit all-time highs in derivative markets. Many of its adjacent alts, like Ethena and Aave, also surged, finally having room to breathe. As a result, calls for the fated “alt season” have grown, with many saying this marks a paradigm shift in the market where Bitcoin may hover between $90-100K while altcoins finally get their outperformance.
Looks like alt season is beginning. pic.twitter.com/8xLVLDG1R0
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