Altcoins Gain as Bitcoin Shows Low Volatility Ahead of Potential Breakout
Investors continue to shift funds into altcoins, increasing the valuations of tokens like ETH, RAY, ENA, and MKR. Bitcoin (BTC) remains stable above $100,000, currently 7% away from a new all-time high, with its 30-day implied volatility at a low not seen since June 2024.
Market analyst Georgii Verbitskii suggests that low implied volatility may precede significant price movements, indicating a potential breakout for BTC could occur as early as May if liquidity conditions support it.
However, potential challenges include:
- The U.S. Senate's GENIUS Act facing hurdles in advancing.
- The SEC delaying decisions on BlackRock's bitcoin ETF.
In other developments, DeFi Development Corp. acquired 172,670 SOL for approximately $23.6 million, raising its Solana Treasury to over $100 million.
What to Watch
- Crypto Events:
- May 14: eToro begins trading on Nasdaq at $52.
- May 14: Neo undergoes a hard fork upgrade.
- May 16: Galaxy Digital shares to trade on Nasdaq under GLXY.
- May 19: CME Group expected to launch XRP futures.
- May 19: Coinbase replaces Discover Financial in the S&P 500.
- Macro Releases:
- May 14: Argentina to release April inflation data.
- May 15: U.S. producer price inflation data released.
- Earnings Reports:
- May 14: Bitfarms and IREN report earnings.
- May 15: Bit Digital and Bitdeer Technologies report earnings.
Token Events
- Unlocks:
- May 15: Starknet to unlock 4.09% of its supply worth $23.53 million.
- May 17: Avalanche to unlock 0.4% of its supply worth $42.84 million.
- Token Launches:
- May 15: RIZE lists on Kraken.
- May 16: Several tokens to be delisted from Coinbase.
Market Movements
- BTC down 1.18% at $103,485.75.
- ETH down 2.81% at $2,608.56.
- DXY down 0.63% at 100.37.
Bitcoin Stats
- BTC Dominance at 62.39.
- CME Futures Open Interest at 145,350 BTC.
Technical Analysis
- ETH's rally has stalled at the 200-day SMA.
- A breakout could signal a bull market onset.
ETF Flows
Spot BTC ETFs:
- Daily net flows: -$91.4 million.
- Total BTC holdings ~ 1.17 million.
Spot ETH ETFs:
- Daily net flows: $13.5 million.
- Total ETH holdings ~ 3.44 million.
While You Were Sleeping
- Synthetix considers acquiring Derive in a $27M token-swap deal.
- Ether nearing $2.7K while Dogecoin sees a 9% increase.
- Dollar steadies amid U.S.-China trade talks.