Bitcoin dominance climbs to 57% as crypto market stabilizes post-$1.7B flush

The crypto market is cooling off after a wild selloff wiped out over $1.7 billion in leveraged trades yesterday, according to data from ￰0￱ (BTC) is still above $112,000, Ethereum (ETH) is hovering close to $4,100, and traders are now trying to figure out what the hell just ￰1￱ crypto wrestled with panic, ￰2￱ kept rising after President Trump’s Fed cut interest rates by 0.25%, and gold prices hit new ￰3￱ a few days ago, everyone was riding the altcoin ￰4￱ like ASTER, HYPE, and PUMP exploded as speculators piled in, convinced altcoin season was finally ￰5￱ the bottom fell out ￰6￱ was no obvious reason, but the damage was ￰7￱ Altcoin Season Index crashed from nearly 100 down to 65.

Meanwhile, BTC dominance climbed to 57%, while ETH’s share of the market slid to 12%. Traders dumped riskier bets and ran straight back into ￰8￱ buy through the chaos, eye October breakout Despite the wreckage , institutions aren’t ￰9￱ like Strategy and Metaplanet are still buying ￰10￱ last week’s spot ETF inflows prove that some are still looking to scoop up the ￰11￱ after the mess, Bitcoin is up 4% for the month in a month that’s usually trash for ￰12￱ with October coming up, which historically delivers Bitcoin’s best returns, traders are already placing serious ￰13￱ options between $120,000 and $125,000 are drawing real ￰14￱ the past quarter, BTC has been stuck between $110,000 and $120,000.

Volatility has been muted, mostly because altcoins have hogged the ￰15￱ that flipped fast after the $1.7 billion ￰16￱ attention’s shifting back to BTC , and what happens next might depend on this week’s economic ￰17￱ Reserve Chair Jerome Powell will speak on Wednesday, and the Core PCE inflation numbers hit on ￰18￱ inflation looks under control, traders will likely expect more rate cuts from the ￰19￱ cuts means more liquidity, and more fuel for Bitcoin to ￰20￱ chaos is also playing out in the options ￰21￱ are placing their biggest bets on two opposite ends: either Bitcoin tanks below $95,000 or blasts through $140,000. That’s what’s on the table.

There’s no middle ground right now. Everyone’s expecting drama, not calm. Short-term traders flood options market ahead of expiry There’s nearly $23 billion worth of BTC and ETH option contracts set to expire this Friday. That’s one of the biggest expiries ever, and it’s making people nervous.

Short-term contracts are all the ￰22￱ “out-of-the-money” bets are cheaper to buy and only pay off if prices move fast and ￰23￱ earlier rally this year was driven by crypto treasury firms, public companies that raised money just to buy Bitcoin and other ￰24￱ those firms have slowed ￰25￱ share prices have cut off their ability to raise fresh capital. That’s dragged down demand and added even more pressure to the recent slide. A big number that traders are watching is the short-term holder cost basis, which now sits at $111,400. That level is seen as the battleground between bulls and ￰26￱ Bitcoin trades below it for long, it could mean the market’s sliding into bearish ￰27￱ from futures markets shows the hit to ￰28￱ interest in BTC futures dropped from $44.8 billion to $42.8 billion as Bitcoin fell to $113,000.

That tells you a lot of leveraged players got ￰29￱ clearing out all that excess leverage can help reset ￰30￱ up to $30,050 in trading rewards when you join Bybit today