Asia AM Update: Bitcoin Market Strain Signals a New Hierarchy in Crypto

Crypto analysts say the market’s recent behavior points to a structural shift, with XRP/BTC and ETH/BTC trading in tight ranges and the top-20 rankings holding unusually steady—signs that performance is being driven more by fundamentals than by a broad-based alt season.

Bitcoin’s slide below $90,000 appeared poised to trigger the usual risk-off cascade across digital assets. Instead, the market held firm. Cross pairs remained stable, and altcoins barely moved in the rankings, defying the typical pattern seen during sharp BTC drawdowns.

In a note to CoinDesk, Singapore-based market maker Enflux said the lack of dramatic altcoin swings during bitcoin’s drop is one of the strongest indications that crypto is evolving away from liquidity-driven speculation.

“Majors without clear revenue, utility, or institutional relevance are down 60–80%,” the firm wrote. “The alt seasons of 2017 and the leverage-fueled rotations of 2021 relied on narratives, excess liquidity, and retail exuberance. Those conditions aren’t present at scale in this cycle.”

Enflux added that tokens supported by staking flows, ETF-linked demand, or real-world usage have held up better than the rest of the market.

March Zheng of Bizantine Capital said he is seeing similar dynamics.

“We’re watching how the top twenty coins are holding relative to bitcoin’s market cap,” Zheng said. “The range has been surprisingly stable. Historically, deep bitcoin corrections trigger major drawdowns in alts.”

Zheng argues that this stability suggests the market is transitioning into a more orderly structure rather than entering a classic alt season.

Taken together, the indicators point to a market that is increasingly distinguishing durable assets with real users and revenue from those offering pure speculative exposure. Stronger tokens continue to show resilience, while weaker majors are absorbing most of the pressure.

Whether this fundamentals-first environment persists remains the key question.

Market Movement

• BTC: Trading around $92,234 after recovering from its brief dip below $90,000.
• ETH: Steady near $3,099 as broader sentiment stabilizes.
• Gold: Down for a fourth straight session at $4,064.60/oz amid reduced expectations for a December U.S. rate cut—now roughly 50%, down from 94% a month ago.
• Nikkei 225: Asia-Pacific stocks were mixed Wednesday, though Japan’s benchmark rose 0.5% despite tech-led declines on Wall Street driven by concerns over AI valuations.

Elsewhere in Crypto

• Pump’s “Mayhem Mode” hasn’t boosted token launches or revenue in its launch week (The Block)
• Robinhood unveils a three-phase “Permissionless Assets” tokenization strategy aimed at disrupting traditional finance (CoinDesk)
• Coinbase clarifies its donation to Trump’s ballroom (Axios)

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