Cryptocurrency markets showed signs of optimism during Monday’s Asian session, with Bitcoin It had been trading in a tight range below $90,000 over the weekend before rising above $92,000.
The largest cryptocurrency has now reversed Friday’s sell-off and is within striking distance of last week’s high of $94,200.
U.S. stock index futures also rose from Sunday night’s open, up about 0.2%, on expectations that the Federal Reserve will cut interest rates on Wednesday. According to CME data, the probability of a 25 basis point rate cut is about 87%.
Although Bitcoin and Ethereum It is up 3%-4% in the past 24 hours, but the altcoin market remains weak and lacks a speculative catalyst to drive this action.
Derivatives positioning
- BTC’s 30-day implied volatility index, BVIV, is holding steady around 50%, showing no signs of panic ahead of the Fed’s impending decision.
- ASTER and ENA lead futures open interest growth related to major coins.
- Perpetual funding rates for major coins including BTC and ETH remain positive, indicating a bullish bias for leveraged bets.
- However, the positive bias may be partially attributable to the unwinding of the short futures legs of cash and carry arbitrage.
- On Deribit, Bitcoin and Ethereum puts continue to trade at a premium to calls, indicating lingering downside concerns.
- In the case of BTC, the $20,000 put option is the second most popular options bet expiring in June 2026.
- The block flow is characterized by demand for BTC call spreads and ransom contracts. In the case of ETH, call spreads dominate the 24-hour flow.
token talk
- The “Altcoin Season” indicator fell to an all-time low of 19/100 on Monday, underscoring how investors have resisted speculation on coins other than the market leaders after the brutal sell-off of the past few months.
- This behavior is also demonstrated by comparing the CoinDesk 20 (CD20) index with the CoinDesk 80 (CD80), which includes a broader basket of altcoins.
- Since December 1, the CD20 index has gained 1.34%, while the CD80 index has fallen 1.37%.
- The memecoin and Metaverse indexes were the worst-performing sectors this year, falling 53% and 62% respectively. The market appears to have turned away from viral memes and cartoon character non-fungible tokens (NFTs).
- Privacy coin zcash is one of the sectors that continues to perform well The top 100 crypto tokens have seen the biggest gains in the past 24 hours, up 17%, bringing their year-to-date gains to 600%.
- can’t say the same thing The native token of the data availability blockchain of the same name has lost more than 87% of its value this year due to a lack of activity and a recent round of layoffs.
