CoinSpotMarket Update
Alt Season Hope & Australian Super Fund Buys Bitcoin
3 minutes
a month ago
3 minutes
a month ago
In its latest monthly letter, Pantera Capital, one of the longest-running crypto venture investment firms, shared its belief that ‘alt season’—that is, a period in the bull market where altcoins significantly outperform Bitcoin (BTC)—has recently gotten underway.
Pantera defines alt season as the second of two phases that make up a typical crypto bull market, where “Phase 1 is the early stage of the rally when bitcoin has tended to outperform the rest of the market [and] Phase 2 is the later stage when longer-tail tokens, or “altcoins”, have tended to outperform.” As per the below chart, Pantera believes Phase 2 started after the election in early November.
AMP, one of the largest superannuation funds in Australia, said it invested in Bitcoin futures in May. The position “is just 0.05 per cent of our total super funds under management,” confirmed Anna Shelley, AMP’s chief investment officer, in a statement last week. This marks the first time that a large Australian super fund has publicly confirmed it has exposure to Bitcoin.
Earlier this month, Electric Capital published its sixth annual report on crypto developer trends. Solana was widely considered a major winner from the report, with Electric Capital finding it to be the leading ecosystem for new developers in 2024, up 83% compared to one year ago.
Other key findings included Ethereum being the top-ranking ecosystem for total developer activity on every continent and Asia being the leading continent by developer share.
Memecoins, one of the hottest crypto sectors of 2024, have fallen out of favour in recent weeks, declining by 25.4% on a weighted average basis in the past 30 days, according to Artemis. In the same period, BTC and Ethereum (ETH) slid by 2.7% and 3.4%, respectively.
Notably, last week marked the launch of Pudgy Penguins (PENGU), which instantly became one of the most valuable memecoins on Solana, trailing only Bonk (BONK) and dogwifhat (WIF).
World Liberty Financial—a decentralised finance (DeFi) project linked to the Trump family—purchased millions of dollars worth of Aave (AAVE), Chainlink (LINK) and Ethena (ENA) with its team wallet, according to Etherscan. Each of these projects are partnered or integrated with World Liberty Financial.
