[Midnight News Briefing] Altcoin Market Cap Drops $200 Billion, Etc.

Altcoin market capitalization has fallen by roughly $200 billion, erasing about two-thirds of the gains posted in August and September, according to CryptoQuant analyst Darkfost. The share of altcoins trading below their 200-day moving average on Binance jumped from 10% in early October to about 70% in the latest reading, signaling broad technical deterioration across altcoin markets. Separately, a Bitcoin address dormant for more than a year bought 3,009 BTC on November 6, a purchase worth about $228 million as tracked by Lookonchain. The scale of the drawdown matters because it shows how quickly the recent altcoin rally has unwound, while the large dormant-wallet purchase offers a counterpoint of continued accumulation in BTC. Next, watch whether the Binance 200-day moving average ratio keeps climbing past 70% and whether more long-dormant Bitcoin wallets become active.