The global crypto market slipped slightly today, with total capitalization falling to $3.7 trillion, down 0.47%. Bitcoin traded at $110,204, down 0.17% in the last 24 hours, while Ethereum held near $3,859, slipping 0.62%. 

XRP traded at $2.50, down 0.25%, and BNB slipped 1.30% to $1,079. Solana, which has been one of the top-performing altcoins this year, fell 0.95% to $184.35.

Altcoin Season Still Missing

Bitwise CIO Matt Hougan addressed growing frustration among traders over the lack of a full-fledged altcoin season in 2025. He explained that the market structure has shifted, with traditional finance (TradFi) now playing a major role in driving large-cap crypto movements.

“There’s been no real alt season. It’s been sort of a disappointing cycle,” Hougan said, adding that most crypto-native investors expected the usual four-year pattern to trigger an altcoin rally by now. “TradFi is driving the bus here. They are the marginal buyers of large-cap crypto assets,” he added.

Possible BTC Dip Before a New High

Hougan said that while Bitcoin could briefly dip below $100,000, the long-term outlook remains positive. He cited Standard Chartered’s recent note, which hinted a drop below the six-figure mark was “inevitable,” but stressed that such moves would likely be temporary.

“I do suspect we set a new all-time high before the end of the year,” Hougan said. He expects institutional investors to rebalance portfolios before year-end to show allocations to assets like Bitcoin and gold.

Regulatory Uncertainty Looms

Meanwhile, ongoing uncertainty around the Clarity Act and a possible U.S. government shutdown has added pressure to the market. Prediction platform Polymarket shows more than a 50% probability that the shutdown could extend past November 12, which may delay crypto-related decisions.

Hougan says the market has already priced in the possibility that the Clarity Act may not pass this year. “If it does happen, it’s a major positive catalyst, especially for Ethereum and Solana,” he said. “If it fails, there might be short-term downside, but long-term, the thesis for crypto remains intact.”

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