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Every crypto sector fell last week, and the sectors that led the last three months fell the most. Only 13% of altcoins are now above their 50-day moving average, down from 94% a month ago, one of the fastest breadth reversals we have recorded. Momentum strategies have been caught on the wrong side, and only one factor in our framework is still making money. Altcoin season has not ended yet, but the signal that ended every previous one is starting to move.
Below, we show which factor is working, which sectors are absorbing the selling, and the level that would tell us the altcoin rotation is over.
Sector Returns (ranked by last 1 month returns)
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