Key notes
- Ethereum ETFs saw outflows of $128 million.
- Meanwhile, Bitcoin ETFs gained $20.33 million in net inflows.
- Bitcoin dominates Binance’s $2 trillion futures volume, accounting for 27% of total trades in October.
The long-awaited swing season is nowhere to be seen as market data reveals a clear turnover of capital back into Bitcoin
Bitcoin
$111,351
24-hour fluctuations:
1.8%
Market value:
$2.22 T
Vol. 24 hours:
$52.27 billion
. While analysts expect an eventual altcoin revival, ETF flows show that institutional and retail investors are more focused on Bitcoin than altcoins.
According to data received from CoinMarketCapBitcoin dominance rose to 59.1% while the leading cryptocurrency regained the price level of $111,000, rebounding from weekly lows of $104,000.
Bitcoin ETFs attract inflows while Ethereum bleeds
On October 23, he discovered Ethereum
Ethereum
$3961
24-hour fluctuations:
2.0%
Market value:
$477.91 billion
Vol. 24 hours:
$34.33 billion
Exchange-traded funds (ETFs) saw a total net outflow of $128 million, with none of the nine ETFs recording inflows. This represents one of the largest daily outflows since launch.
On October 23 (ET), Ethereum ETFs saw total net outflows of $128 million, with none of the nine ETFs recording net inflows. In contrast, spot Bitcoin ETFs generated total net inflows of $20.33 million, led by BlackRock’s IBIT with $108 million in net inflows. pic.twitter.com/n5ECxIi31q
— Wu Blockchain (@WuBlockchain) October 24, 2025
On the other hand, spot Bitcoin ETFs recorded total net inflows of $20.33 million, led by BlackRock’s IBIT with a massive inflow of $108 million.
Meanwhile, the Altcoin Season Index reads 24, which strongly favors the world’s largest digital assets. Ethereum’s inability to surpass its 2021 all-time high of $4,800, in contrast to Bitcoin recording new highs above $120,000, represents weak demand for altcoins.
Futures market confirms Bitcoin dominance
According to data from CryptoquantBitcoin continues to dominate Binance’s futures market, accounting for 27.17% of the exchange’s $2.002 trillion futures volume in October.
Monthly Bitcoin futures trading reached $543.33 billion, a significant increase from $418 billion in September. Consistent trading volume of over $2 trillion shows increased market activity and confidence.
BTC futures trading volume | Source: Cryptoquant
CryptoQuant analysts point out that if the upward trend in funding rates and open interest continues, Bitcoin could be poised for a breakout beyond historical resistance levels.
Altseason is delayed, but it’s not dead
Cryptocurrency influencer Ash Crypto said that bull markets typically start with liquidity flowing into safer assets before shifting to riskier assets. He explained that the sequence often unfolds as USD, BTC, ETH, high-caps, and finally low-caps. This pattern was consistent with previous cycles in 2017 and 2021.
Why is there no Altseason in 2025 yet?
Bitcoin pumped 8.5x to $126,000 from $15,400 bottom in November 2022.
US stocks are at all-time highs.
Gold added $15 trillion to its market value.
With massive liquidity, all these large assets completely explode. While Ethereum…
— Ash Crypto (@Ashcryptoreal) October 24, 2025
Ash Crypto also noted that although Bitcoin has risen 8.5x from its 2022 bear market low of $15,400 to around $126,000, altcoins remain range-bound. Investors prefer safe havens such as gold, better-performing US stocks, and Bitcoin itself, not altcoins.
However, Ash Crypto believes that with three interest rate cuts expected by the Federal Reserve in 2025 and quantitative tightening coming to an end, liquidity will eventually return to higher-risk assets, as investors look for the next big cryptocurrency.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to provide accurate and timely information but should not be considered financial or investment advice. Since market conditions can change rapidly, we encourage you to verify the information yourself and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the world of cryptocurrencies and finance, amassing industry experience having survived both bear and bull markets over the years. Barth is also the author of four self-published books.
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