Bitcoin Stagnates While Altcoins Differentiate: PumpFun Surges and Chainlink Leaps Forward

|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | Coin Liveness is an analysis report by Block Media that observes the internal movements of the digital asset market hidden behind price flows. It checks the 'strength' of assets during downturns and rebounds through the Coin Liveness Metric, which integrates on-chain activities, market participation, and social signals. |

Editor Kang Na-yeon from Block Media reports that despite signals of slowing inflation and the possibility of interest rate freezes in the U.S., Bitcoin (BTC) remains trapped in the $63,000 range, showing limited movement. While macro winds have not spread across the digital asset market, leading cryptocurrencies are stagnating, and the altcoin market has shown differentiated performance based on individual issues and data flows.

According to the Coin Liveness Metric (hereafter referred to as Coin Liveness) calculated by Block Media's data team, the altcoin market this week has proven its defensive strength against Bitcoin's decline, maintaining a solid metric vitality.

Average Decline Compared to Last Week: Bitcoin Outperformed

This week, the average return of the top 10 coins in Coin Liveness was recorded at 1.53%. This is a decrease of 4.97 percentage points compared to last week's 6.50%, but it achieved a performance that surpassed Bitcoin, which declined by 0.78% during the same period, by 2.31 percentage points.

The median return of the 10 coins was 1.77%, down 1.33 percentage points from the previous week. Among the coins, PumpFun (PUMP) had the highest performance with an 11.9% increase, while the average return of the other nine coins, excluding the top coin, was recorded at 0.37%. In contrast, Shiba Inu (SHIB) recorded the largest drop among the top 10 coins with a 9.8% decline.

Looking at the four-week trend of the average score of the top 10 in Coin Liveness, this week it recorded 1.40, maintaining a stable flow similar to last week's 1.41. In terms of score ranges, a Coin Liveness below 0.5 indicates a generally retracted market participation area, while around 1.0 is interpreted as an early stage where internal activities are gradually recovering. The current figure of 1.40 is on the verge of entering the 1.5 range, where trading and network activities are simultaneously strengthening, serving as a significant signal to check the market's response after overcoming the oversold phase that had heavy downward pressure.

Solana and Ethereum Maintain Upper Indicator Levels: Proving Defensive Strength

Major digital assets by market capitalization defended their upper indicator positions despite Bitcoin's sideways movement. Solana (SOL) rose 3.4% this week, reaching a Coin Liveness of 1.80, ranking second overall, while maintaining a stable flow with a relative strength index (RSI) of 61.

Ethereum (ETH) rose 0.6%, securing third place with a Coin Liveness of 1.74. In contrast, XRP (XRP) fell 4.7% this week, recording an RSI of 38, and remained in seventh place with a Coin Liveness of 1.14.

Matrix Centralization: PumpFun's Revenue Surges and Chainlink Attracts Institutional Attention

Comparing this week's distribution of the top 10 in Coin Liveness with last week, a positional change is observed where coins that were previously scattered in extreme positions are gradually moving towards the center and clustering.

The most notable is PumpFun (PUMP), which rose 11.9% this week, positioning itself in the overheating zone at the upper right of the matrix. With a momentum contribution of 100%, the short-term concentration phenomenon has reached its peak, requiring special caution for entry.

Additionally, the substantial growth in PumpFun's actual protocol revenue is noteworthy. After peaking at $15 million weekly in early 2026 and then slowing down, PumpFun's total revenue has shown recovery, surpassing the $10 million mark again in August. The revenue from the PumpFun single protocol has also entered an upward trend. However, it is important to note that the token's price has not fully reflected this performance compared to its revenue-generating ability, so it is necessary to closely monitor the correlation trend between revenue and token price in the future.

Despite Shiba Inu (SHIB) and Pepe (PEPE) declining 9.8% and 1.7% respectively this week, their on-chain contributions were high at 81% and 89%. This suggests that on-chain activities have been captured behind the apparent price declines.

Notably, Chainlink (LINK), which entered the top 10 this week, has shown remarkable progress, rising 7.7% and attempting to break out of the box range it has been in for a month. The market sees $10.87 as a key price level that will determine the medium-term trend, and whether it can break through this range and turn it into a support level will be a major variable in determining future direction. The U.S. Depository Trust & Clearing Corporation (DTCC) mentioned Chainlink as a technology provider for tokenized securities trading, and the cross-chain interoperability protocol (CCIP) is expanding support to networks like Canton and Robinhood, indicating an increase in institutional use cases that strongly support the rise in indicators.

Indicator Maintenance Amid Macroeconomic Decoupling: Observing Actual Capital Inflows

This week's key theme in the market is the positive signals from the macroeconomy and the isolation of "digital asset decoupling and the maintenance of internal indicator vitality." While Bitcoin has not found a clear direction around the $63,000 mark, the average score of the top 10 in Coin Liveness recorded 1.40, maintaining a meaningful flow as it approaches the 1.5 range where network activities are gradually strengthening.

Looking at the detailed data, there are coins like PumpFun that combine distinct revenue growth and short-term movements, while Pepe and Shiba Inu recorded high on-chain contributions, proving their actual activity within the blockchain network numerically. Chainlink has also led to positive indicator changes by attempting to break through the upper box range based on substantial institutional adoption.

Until Bitcoin fully digests macro variables and establishes a new trend, it is essential to be cautious of blind trading swayed by temporary price pumping or mere community buzz. Rather than being shaken by superficial movements, it is time to calmly prepare for the next market phase by broadly monitoring assets where substantial institutional adoption is confirmed or clear capital movements are observed within the on-chain network.

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