According to Wu, the latest report from Bitfinex Alpha states that Bitcoin has fallen below $110,000, retracting over 13% from its peak, with $93,000–$95,000 potentially being the cycle bottom. The overall altcoin market capitalization is stagnant, with sector rotation replacing new inflows. Mainstream coins like ETH, XRP, and ADA have also generally retraced, while institutions continue to increase their holdings of ETH. September is expected to be a bottoming phase, laying the groundwork for a rebound in Q4.
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