[Why Altcoins Outperformed Bitcoin and Ethereum] $BTC $ETH It’s not that Bitcoin and Ethereum were weak—it’s that other assets surged excessively. Yesterday, a large-scale cascade of liquidations occurred. Altcoins other than BTC and ETH dropped more sharply, had more short positions accumulated, and experienced greater deleveraging as a result. In other words, yesterday’s altcoin strength wasn’t due to fundamentals—it was due to differences in liquidation concentration. This should be viewed as an event-driven short squeeze. For this to become a genuine trend, it’s crucial that the price gains from the short squeeze are sustained.
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