Bitcoin set an all-time high near $126,000 in early October while the altcoin market (excluding stablecoins), measured by TradingView’s TOTAL2ES index, remains below its November 2021 top, around $1.6 trillion, keeping the cycle confirmation test open for rotation beyond BTC.
TOTAL2ES continues to trade under that band into mid-October, which means altcoins have not printed a new high this cycle, even as Bitcoin has.
It managed to reach $1.48 trillion the same day Bitcoin printed its last all-time high, leaving it $120 billion behind 2021’s high, while Bitcoin smashed its 2021 high by 84%.
The near-term tape is being shaped by three forces that matter for whether this is the top or a staging area for a marginal new high.
First, the flow of capital through U.S. spot bitcoin ETFs remains the clearest read on marginal demand. Farside’s consolidated table shows net creations and redemptions day by day, allowi
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Author: Liam ‘Akiba’ Wright
