Altcoin Season Delayed
Disclaimer: Your capital is at risk. This is not investment advice.
ByteFolio Issue 145;
Last week, I began the update by saying that $100k had been crossed again. It’s happened so many times that I have lost count. Bitcoin has been softening alongside the NASDAQ, while crypto has dumped.
Bitcoin ByteTrend Score 3 of 5
We can’t blame investors because they have committed $14 bn of new capital over the past quarter, nearly four times more than required to pay the miners $4.1 bn over the period. It suggests there is heavy profit-taking from the Bitcoin Network.
Bitcoin ETF Inflows
In terms of fair value, the price is now below the network value and tailing off. The level is bullish, but the direction is bearish. Bitcoin Network traffic is now slowing.
Bitcoin Network Value
The ByteTree Crypto Average (BCA) indicator continues to deteriorate, reaffirming weakness in the space. When the market deteriorates, we have no choice but to keep on reducing risk. Altcoin season has been postponed; perhaps the Trump expectations were too high.
ByteTrend: ByteTree Crypto Average
Performance in BTC has remained soft because seemingly no tokens are able to stay in front of Bitcoin. Yet, in ETH, ByteFolio continues to thrive. Ethereum’s network activity is still half what it was in 2021, and it has many competitors these days. No wonder.
