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Altcoins Rally Amid Bitcoin Below $83,500
Altcoins have seen significant gains in the past 24 hours, with the CoinDesk 80 index rising by around 3%, more than double the 1.2% increase in the CoinDesk 5. Bitcoin remains below $83,500, having previously hit a high above $84,000. Ether has added about 2.5% to trade at $2,560. The gains are attributed to the thin trading environment, with order-book depth for bitcoin and ether recovering to pre-crash levels, while altcoin liquidity continues to decline. Institutional investors are shifting their focus to major cryptocurrencies, with U.S.-listed spot bitcoin ETFs experiencing $681 million in net outflows last week, the most since June. The situation is further complicated by the announcement that Russia will supply 300,000 metric tons of diesel to global markets, a partial relief from sanctions. Analysts are now focusing on the upcoming U.S. consumer price index release on Wednesday.