Bitcoin experienced a volatile weekly session, rallying past $87,000 before pulling back to $83,500 as altcoins captured market momentum and reduced Bitcoin's dominance to 56.5%. Overall crypto market capitalization held firm at $3 trillion with 24-hour trading volume reaching $113 billion for the week ending September 25.
Altcoins Surge as Glassnode Signals Shift
After initially dropping to $75,000 following the failure of the CLARITY Act in the US Senate and a Federal Reserve interest rate hike, Bitcoin (BTC) swiftly reclaimed the $80,000 mark. Following a brief pause at $82,000, BTC staged a $7,000 surge in under 24 hours to top $87,000 for the first time since late January, supported by strong institutional ETF demand similar to US spot Bitcoin ETF inflows. However, after two rejections near $87,300, BTC dipped below $83,000 on Thursday before settling at $83,500, representing a 5% weekly gain.
Bitcoin's loss of upward momentum coincided with Glassnode's Altcoin Cycle Signal flipping from Bitcoin dominance to altcoin season. Leading weekly gainers included BTW (+73%), ENA (+52%), NEAR (+45%), ONDO (+40%), SUI (+39%), BCH (+32%), and AVAX (+29%). Large-cap assets like XRP (+17% to $1.57), LINK, and ADA (+17% to 18%) also recorded double-digit expansions, mirroring broader market movements seen in recent altcoin price surges. Ethereum (ETH) added 5.9% to trade at $2,685.
Key Weekly Takeaways
- Bitcoin rose 5% weekly to $83,500 after rejecting at $87,300, pulling BTC dominance down 2% to 56.5%.
- Glassnode's Altcoin Cycle Signal officially flipped to altcoin season as BTW soared 73% and ENA jumped 52%.
- Zcash (ZEC) surpassed $1,600 for the first time in a decade following the launch of Europe's first ZEC ETP by 21Shares.
- Strategy accumulated 950 BTC for $75.7 million, bringing its total holdings to 846,000 BTC, while Strive acquired 1,355 BTC for $107.7 million.
- Bitget suffered a $351 million hot wallet exploit, pledging full reimbursement via its User Protection Fund.
Corporate Treasury Buys and Market Security
Institutional buying continued during the week despite price consolidation. Corporate treasury giant Strategy resumed its acquisition strategy after a three-week pause, buying 950 BTC for $75.7 million to reach a total balance of 846,000 BTC. Asset manager Strive made an even larger purchase, acquiring 1,355 BTC for $107.7 million. Additionally, Ondo Finance launched three on-chain portfolio products backed by BlackRock strategies, driving a 40% gain in its native ONDO token.
In privacy asset developments, Zcash topped $1,600 for the first time in ten years after 21Shares debuted Europe's first ZEC ETP. Meanwhile, exchange security remained in focus as Bitget disclosed a $351 million hot wallet breach. The exchange confirmed that user balances remain completely unaffected due to coverage from its User Protection Fund, addressing security concerns similar to prior exchange authorization breaches.
Why It Matters
The flip in Glassnode's Altcoin Cycle Signal indicates that market participants are actively shifting capital into higher-beta alternative cryptocurrencies as Bitcoin encounters heavy overhead resistance at $87,000. Corporate treasury expansions by Strategy and Strive confirm that institutional conviction in Bitcoin remains firm regardless of short-term price pullbacks. Going forward, traders will be watching to see if altcoin outperformance can be sustained without a fresh directional breakdown in primary market benchmarks.
