Although an altcoin season is delayed, analysts believe that a broader bull market could resume as liquidity returns to risk assets following Federal Reserve rate cuts and the end of quantitative tightening, with Bitcoin leading this recovery.

Bitcoin's market dominance has risen to 59.1%, with its price surpassing $111,000, while altcoins like Ethereum struggle to reach their 2021 all-time highs amid outflows.

The market is currently experiencing a clear rotation of capital back into Bitcoin, with no significant signs of an altcoin season, as evidenced by market data and ETF flows.

Ethereum spot ETFs saw a substantial outflow of $128 million on October 23, with none of the nine Ethereum ETFs recording inflows, contrasting sharply with Bitcoin ETFs, which gained $20.33 million, led by BlackRock’s IBIT with $108 million.

Bitcoin continues to dominate the futures market, accounting for 27.17% of Binance’s $2.002 trillion futures volume in October, with monthly Bitcoin futures trading volume reaching $543.33 billion, an increase from September.