Weekly crypto recap: Bitcoin volatility and ETF inflows overshadowed by altcoin outperformance, Bitget breach, and BlackRock on-chain portfolios launch.
Macro & Markets ·
Bitcoin moved through a volatile range this week, initially dropping to $75,000 before rallying to above $87,000 on the strength of ETF inflows, then retreating to settle near $83,500. Despite a 5% weekly gain, the largest cryptocurrency was outpaced by a broad altcoin surge, with BTW gaining 73%, ENA 52%, and XRP rising 17%. Bitcoin's market dominance declined by roughly 2% as capital rotated into smaller assets.
Several significant events shaped the broader ecosystem. Europe's first Zcash ETP launched through 21Shares, driving ZEC above $1,600 for the first time in a decade. Bitget disclosed a $351 million hot wallet breach affecting various cryptocurrencies, with the exchange stating that its User Protection Fund will cover the full amount. Separately, Ondo Finance introduced on-chain portfolio products backed by BlackRock strategies aimed at institutional investors.
The shift in market composition raises questions about whether the altcoin outperformance reflects sustained demand or tactical rotation. Bitcoin's inability to hold above $87,000 and its current consolidation below $85,000 remain points of technical uncertainty.