At TOKEN2049 in Singapore, Peter Anthony, founder of The House of Crypto, discussed the possibility that the crypto market is nearing a new turning point. He highlighted a potential link between the US Institute for Supply Management’s (ISM) Manufacturing Index and Bitcoin dominance, suggesting that stronger manufacturing activity could precede a decline in Bitcoin’s market share and a rise in smaller cryptocurrencies.
Economic Indicator and Altcoin Season Index
The ISM Manufacturing Index rose to 55.5 in October, up from 54.5 in September, and a November 2 report indicated a tenth consecutive month of US manufacturing expansion. Anthony noted that a reading of 58 on the index has historically coincided with sharp drops in Bitcoin dominance, a pattern not observed since 2021.
Capital Flows and Network Activity
Anthony advises traders to monitor capital movements across blockchain networks. He cited recent activity in the Robinhood ecosystem and shifts toward Solana, Sui, and Base as examples of where money may be flowing. He recommends using on‑chain analytics tools such as Artemis and DefiLlama to track volume and user growth on specific chains, noting that increased activity can benefit decentralized exchanges and lending protocols built on those networks.
Assessing Undervalued Projects
The expert also emphasized looking beyond price charts to evaluate a project's underlying revenue. He referenced Pump.fun and Hyperliquid as cases where protocol revenue remained strong despite significant token price declines, suggesting that revenue data can help identify potentially undervalued assets.
Trading Pitfalls
According to Anthony, a common mistake is entering a narrative after it has become popular, which often means buying at higher prices. He stresses the importance of spotting trends early and questioning how many potential buyers remain before joining a trade.
Outlook for Bitcoin
Anthony expressed optimism that Bitcoin could continue its current market cycle beyond the typical four‑year pattern, potentially extending into 2027 or 2028 if broader economic conditions, particularly manufacturing and liquidity trends, remain favorable.
Overall, the advice centers on tracking capital flows, using on‑chain data, and evaluating fundamental revenue metrics to identify opportunities before they become widely recognized.
