Bitcoin Season: Altcoins massively underperforms over the past 90 days

​​$BTC 24 Hour High $48,143 / Low $46,950   |   $BTC +0.2% Past 24 hours; +11.6% Past 7 days

Good morning. We are essentially in ‘Bitcoin Season’ as most altcoins have massively underperformed $BTC in the last 90 days, according to the Altcoin Index. Several notable outliers that defy the trend include $WAVES, $FTT and $LUNA. It’s worth noting that we are reaching key historical levels where market participants tend to prudently rotate some BTC holdings into stronger altcoins – expecting them to outperform $BTC as the bull run picks up new momentum. 

Over the past 24 hours, $BTC attempted to push higher but struggled to break through the resistance at $48,200. The market is relatively overextended so we expect a retest of the previous resistance level of $45,500 that has been in place since January 5. Should the bulls push $BTC higher, our eyes are on the upside target at $52,000. Funding rates are at the usual 0.01% level across major retail exchanges, suggesting a healthy balance in the use of leverage between longs and shorts.   

$ETH outperformed $BTC and briefly touched the resistance level at $3,490, the 1.618 Fibonacci retracement extension. Though $ETH pulled back slightly this morning, it’s likely to retest the support area between $3,275 and $3,200. Funding rates for $ETH have started to normalize, implying a healthy balance between leverage used among the longs and shorts.

Ronin Network has become the victim of the largest crypto hack ever, announcing a loss of over $625 million in ETH and USDC. Ronin’s validator nodes for Sky Mavis, which built the popular Axie Infinity game and Axie DAO, was affected by the exploit. The hacker leveraged hacked private keys forging fake withdrawals from the Ronin bridge and found a backdoor through its gas-free RPC node, and thus attackers acquired the signature of an Axie DAO validator. $RON is down 23% at the time of writing and dropped to a low of $1.69 overnight before recovering somewhat. However, it does not stop the positive market sentiment as we saw the largest inflow of capital to crypto funds since last December.

Learn more from today’s Trader View video

Digital Assets Market

  • Total crypto market capitalization stands at $2.24T, +0.1% from yesterday
  • $BTC is +0.0% at time of writing; 24H liquidations and funding rates: 41.10M, +0.00813% average
  • $ETH is +0.2% at time of writing; 24H liquidations and funding rates: 79.49M, +0.00897% average 
  • Stablecoins market dominance: USDT 43.70%; USDC 27.82%; BUSD 9.37%; UST 8.70%; DAI 4.92%

Alts and DeFi watch:

  • DeFi TVL: $226.81B (+2.61% over last 24h)
  • $SOL +2.98% in the last 24 hours, +22.05% in the past week
  • $SHIB +1.2% in the last 24 hours, +15.18% in the past week
  • $SAND -0.72% in the last 24 hours, +11.26% in the past week
  • $ENJ +0.39% in the last 24 hours, +18.84% in the past week

More news that caught our eye:


OSL Trader View is contributed by Hans-Stefan Vonhaenisch, Andrea Au & Ethan Fu.



OSL is Asia’s most comprehensive digital asset platform providing brokerage, exchange, software-as-a-service and insured custody solutions to professional investors.

Home to one of the world’s largest and most experienced digital asset trading desks, OSL has its finger on the pulse of the market. The Trader View newsletter is a short, easily digested summary of market activity and eye-catching news of the day.

Feedback is important to us, and we’re keen to learn more about the types of insights and intelligence that matter to you most. Please share your thoughts with us.

And be sure not to miss future OSL news and insights by following us on Twitter, Linkedin, Facebook, and Telegram.Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.