Market observers note stable XRP/BTC and ETH/BTC ranges and an unusually balanced top-20 ranking, signaling fundamentals-driven dispersion rather than a broad alt season.
Nov 19, 2025, 2:42 a.m.
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Bitcoin’s slide under $90,000 looked like the start of a broad risk-off move, yet the market did not behave like it usually does in a deep BTC correction. Cross pairs stayed firm, and alt rankings barely budged.
In a note to CoinDesk, Enflux, a Singapore-based market maker, said the lack of price action that typically occurs during a deep BTC correction is the clearest sign that crypto is shifting from a liquidity-driven market to a fundamentals-driven one.
“Majors without clear revenue, utility, or institutional relevance are down 60 to 80 percent,” the firm wrote. “Traditional alt seasons, the 2017 style vertical rotations or the 2021 reflexive leverage cycles, depended on narratives, excess liquidity, and retail mania. Most of this doesn’t exist on scale in this bull market.”
Enflux also noted that tokens tied to staking, ETFs, or real-world usage are holding up.
Bizantine Capital’s March Zheng said he is seeing the same dynamic.
“We are watching instead the relative ranking positions of the top twenty coins, and how they are moving in relation to bitcoin’s market cap,” he said. “So far, the range has been quite balanced, as generally heavy Bitcoin corrections see significant price degrades in the alts.”
Zheng believes that stability suggests the market is not entering a classic alt season and is instead showing signs of a more orderly structure.
The signals point to a market that is gradually separating durable assets from speculative beta.
Tokens with identifiable users, revenue, or institutional demand continue to hold their ground, while weaker majors absorb most of the stress.
The question is, will this thesis of fundamentals over broad speculative rotations hold?
Market Movement
BTC: Bitcoin is trading around $92,234 after recovering from its slide below $90,000 earlier this week.
ETH: Ether is holding near $3,099 as it stabilizes alongside the broader market.
Gold: Gold fell for a fourth straight day to $4,064.60/oz, staying below last month’s record as traders cut the odds of a December U.S. rate cut to about 50% from nearly 94% a month ago.
Nikkei 225: Asia-Pacific markets traded mixed Wednesday, tracking Wall Street’s tech-led declines on AI valuation worries, though Japan’s Nikkei 225 reversed higher by 0.5%.
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