Particularly noteworthy is the altcoin Solana (SOL), which registered a significant gain of 41% on Tuesday. This surge coincided with two major events: the Breakpoint conference and the launch of the Firedancer upgrade’s testnet for Solana’s blockchain. Despite these positive developments, some analysts view this rise as a rebound from Solana’s previous value loss due to last year’s FTX collapse, attributing the surge largely to market hype.
However, while Bitcoin’s dominance is shrinking, interest in it remains high among traders. CME traders have increased their Bitcoin exposure in recent weeks, pushing open interest towards new highs at 105,000 BTC ($3.7 billion). This growth has been significantly influenced by weekly inflows into ProShares’ BITO, a futures-based ETF.
CME premiums for both Bitcoin and Ether increased over the past week to 16% annualized. December expiries are currently trading at a 1% premium to November, maintaining consistency in Bitcoin and Ether CME premiums for the second consecutive week.
Despite high demand for calls increasing bullish Bitcoin exposure costs in the options market, implied volatility remains below its three-year average. Since Bitcoin’s rally to $35,000, offshore perpetual swap funding rates have remained neutral. This indicates a shift from bearish sentiment and suggests caution against over-leveraging among traders.
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Source: Cryptocurrency - investing.com
