- Ethereum, Chainlink, Maker see major Binance outflows, signaling long-term holder accumulation despite Bitcoin dominance staying above 63%.
- Bitcoin dominance dipped from 65.81% to 63.44% but holds uptrend; stalled peaks historically precede altcoin rallies.
A pattern of large withdrawals from Binance involving altcoins like Ethereum (ETH), Chainlink (LINK), and Maker (MKR) has drawn attention. These transfers, often linked to long-term holding strategies, coincide with Bitcoin’s market dominance holding above 63% despite recent dips. While Bitcoin remains the market leader, select altcoins have outperformed its 5.94% 90-day gain, suggesting shifting investor behavior.
Bitcoin Dominance Holds, but Altcoin Gains Challenge Narrative
Bitcoin’s share of the total cryptocurrency market recently slid from 65.81% to 63.44%, though it remains within a broader upward trend. Historically, stalled dominance peaks have preceded capital shifts toward altcoins.
The Altcoin Season Index, which measures altcoin momentum, rose slightly to 22, still far from signaling an “altseason” but reflecting incremental shifts. Analysts note this metric often lags behind real-time accumulation and price action, which currently suggest early-stage changes.
Altcoin Returns Dwarf Bitcoin’s Growth
Over the past three months, tokens like IP and FORM surged 218% and 174%, respectively, while MKR climbed 75%. Even meme coins such as Pepe (PEPE) and PENGU outpaced Bitcoin with double-digit gains.
These returns highlight a growing appetite for risk beyond Bitcoin, despite its dominance metric appearing stable. Such disparities between price performance and market share metrics underscore the complexity of current conditions.
Persistent altcoin withdrawals from exchanges imply accumulation by large holders, typically a bullish signal. Meanwhile, Bitcoin’s dominance retains its upward channel, creating tension between short-term BTC strength and altcoin momentum. Traders are advised to track both wallet movements and price trends rather than relying exclusively on dominance charts.
If Bitcoin’s dominance struggles to reclaim recent highs, historical data suggests altcoins could benefit. However, the current environment lacks clear confirmation of a sustained rotation.
Observing the Altcoin Season Index alongside exchange flows may offer early indicators of broader shifts. For now, the market appears poised between Bitcoin’s entrenched lead and altcoins’ quiet but measurable gains.
Maker (MKR) – Price & Technical Analysis – May 17, 2025
Maker (MKR) is currently trading at $1,733.55, reflecting a sharp -6.35% decline in the last 24 hours and a -4.04% drop over the past 7 days, underperforming both the broader crypto market and its DeFi peers. Despite the recent pullback, MKR is up +26.7% in the last 30 days and +37.2% over the past year, signaling that the token is still in a long-term recovery trend.
From a technical standpoint, MKR is approaching support around the $1,700–$1,720 zone, a key level that has previously acted as a pivot during both uptrends and retracements.
If it fails to hold this support, a further decline toward $1,640 is possible. Resistance is now forming at $1,850–$1,880, the level it briefly touched in the last 24 hours. The current pattern resembles a descending wedge, which could either break down or spring into a reversal depending on market sentiment and BTC’s direction.
Fundamentally, Maker remains a cornerstone of the decentralized finance (DeFi) sector, with its ecosystem managing over $5.67 billion in Total Value Locked (TVL). MKR functions as a governance and recapitalization token for the MakerDAO protocol, which underpins the DAI stablecoin system.
