Bitcoin Market Stress Reveals Shift Toward Fundamentals in Crypto
Bitcoin’s recent slide below $90,000 did not trigger the deep correction typically seen in liquidity-driven moves, signaling a market shift towards fundamentals-driven dynamics.
Enflux observed a lack of significant action during Bitcoin's dip, noting that major tokens without clear revenue, utility, or institutional relevance have declined by 60-80%.
In contrast, tokens featuring staking, ETFs, or real-world usage have remained resilient, indicating weakening traditional altcoin season narratives.
March Zheng of Bizantine Capital highlighted that market focus is now on the top-20 rankings relative to Bitcoin’s market cap, with the range remaining balanced rather than experiencing the heavy degradation common in altcoins.
Overall, the market seems to be separating durable assets from speculative beta, with stable assets possessing identifiable use cases holding ground while weaker majors absorb stress.
Market data showed Bitcoin around $92,234, Ethereum near $3,099, Gold at approximately $4,064.60 per ounce, and December rate-cut odds near 50%, down from about 94% previously.
Meanwhile, the Asia-Pacific session featured the Nikkei 225 rising 0.5%, amid mixed movements and concerns over AI valuations.
