Bitcoin Market Cap Dominance Exceeds 64% Amid Bullish Options Activity
Bitcoin (BTC) has been trading in a narrow range of $106,600 to $111,700 since May 22, despite positive developments such as Trump Media's plan to raise $2.5 billion for a bitcoin treasury strategy. U.S. equity markets are up 22% since April lows, but BTC is consolidating while the S&P 500 remains 4% below its all-time highs.
Key points:
- Bitcoin market cap dominance exceeds 64%, indicating increased influence.
- BTC trades approximately $14,000 above its 200-day moving average of $94,500.
- Ether (ETH) and Solana (SOL) struggle with resistance at their respective 200-day moving averages.
- Bitcoin options show strong call interest at $110,000 with bullish sentiment for June and July expiries at $115,000 and $120,000.
- Circle updated its IPO filing, aiming to raise $600 million at a $5.4 billion valuation.
Upcoming Events
- May 30: Second round of FTX repayments begins.
- May 31: Mezo mainnet launch (TBC).
- June 6: U.S. SEC Crypto Task Force Roundtable on DeFi.
Market Overview
- BTC down 0.71% at $108,821.26; ETH down 1.54% at $2,628.1.
- CoinDesk 20 index down 1.35% at 3,245.33.
- Bitcoin funding rate at 0.0023% on Binance.
Derivatives Insights
- CME Bitcoin futures volume rose to $15.96 billion; open interest near $17 billion indicates paused inflows.
- ETH CME futures volume reached a three-month high of $3.15 billion.
Technical Analysis
- Bitcoin may break below a key trendline from early April, potentially leading to profit-taking.
Crypto Equities Performance
- MSTR closed at $372.2, COIN at $266.4, GLXY at C$29.97.
ETF Flows
- Spot BTC ETFs saw daily net flows of $385.4 million; total holdings ~1.20 million BTC.
- Spot ETH ETFs had daily net flows of $38.8 million; total holdings ~3.55 million ETH.
Chart of the Day
The annualized premium in ether CME futures has surpassed 10%, signaling bullish sentiment among market participants.