The latest market report from cryptocurrency analysis company Glassnode shows that new spot Bitcoin ETFs are gaining momentum and a bull market is arguably in play in the digital asset space.
Glassnode analysts have identified numerous indicators that have emerged following the approval of many spot Bitcoin ETFs, acting as early signs of a shift of institutional investor capital towards higher-risk investments.
According to the report, Glassnode's 'Altcoin Indicator' metric has pointed to positive momentum in altcoin markets since the beginning of February:
“Our Altcoin Indicator has pointed to positive momentum since October last year, with a brief pause during the sell-the-news event following the launch of Bitcoin-ETFs. This momentum was triggered again on February 4.”
However, the report noted that historically “capital has moved down the risk curve into altcoins at a slower pace compared to the rotation between the two major cryptocurrencies, and this trend is once again evident.”
According to the report, while Bitcoin's dominance remains dominant, there are early signs of further capital rotation into the Ethereum, Solana, Polkadot and Cosmos ecosystems.
*This is not investment advice.
