Bitfinex Says Nineteen Top Altcoins Joined Bitcoin’s Breakout Run
TL;DR
- Bitfinex notes that 19 of the top 20 altcoins rose more than 12% between August 18 and 25, outpacing Bitcoin’s 21.4% gain.
- Spot Bitcoin ETFs recorded net inflows of $2.57 billion over seven consecutive positive sessions, absorbing nearly 28,000 BTC in five days.
- The rally was driven by aggressive spot buying and short covering, not leverage. Zcash led gains with a 50.9% surge.
Bitfinex published its weekly market analysis with a conclusion that sets the tone for the moment: the rally that took Bitcoin from the range lows to $81,300 was neither isolated nor coincidental, but rather the start of an advance that swept nearly the entire top of the altcoin market.
The report details how the ten-week range between $62,000 and $67,000 broke on August 19, when BTC posted a 11.7% jump over three sessions, the largest in more than a year, before continuing to a high of $81,300 on August 25, accumulating a gain of over 29.5% from the range lows.
What sets this moment apart from the May rally, according to Bitfinex, is its driver: aggressive spot buying rather than leveraged positioning, funded largely by spot Bitcoin ETFs in the United States. During the five sessions between August 17 and 21, ETFs absorbed $1.92 billion, with every single session finishing in positive territory.
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