Bitcoin No Longer Seen as the Driving Force in Crypto Market

Bitcoin has plunged more than 30% since hitting a year-to-date high. That fact is clear, but explaining why the world’s largest digital currency has lost momentum in the second half of the year is anything but.

Some, like JPMorgan Chase & Co. have pointed to Intercontinental Exchange Inc.’s new futures contracts and an unwinding of long positions as likely culprits for the nosedive. Others have pointed to a buildup of technical bearish signals as setting off its summer swoon.

Indexica, an alternative data provider, has a different take. According to their predictive index built on data from Aug. 1 ...