Bitcoin Trades at $111,000 as Altcoins Show Strong Gains
Bitcoin (BTC) is trading around $111,000, down 2.9% over the past month. Its dominance has decreased from 61% to 57%, signaling a bullish trend for altcoins. Ether (ETH) gained 1.1% since midnight UTC, while Solana (SOL) rose 0.43%. Over 30 days, ETH and SOL increased by 21% and 27.5%, respectively.
The CoinDesk 20 Index shows a 0.46% rise since midnight and a 1.7% increase in the last 24 hours. Nick Forster of Derive.xyz noted that ETH has a 44% chance of reaching $6,000 by the end of 2025, backed by a recent increase of 250,000 ETH held by ETFs, totaling 6.74 million.
Derivatives Positioning
- Total open interest across perpetual instruments rose to $114 billion.
- A liquidation heatmap for BTC-USDT indicates significant clusters at $112,200 ($90 million) above and $110,000 ($76.6 million) below the current price.
- BTC's put-call volume is 26.4K contracts, with 51.6% being calls; the highest volume is at the $108K strike expiring on September 26.
- The funding rate heatmap shows positive sentiment for most assets, except TRX, which has a -10.2% APR.
Token Talk
- BTC dominance decreased to approximately 58%, reflecting changes in trader behavior as many altcoins hold or exceed their value despite BTC's decline.
- BTC dropped 2.91% in 30 days, while ETH and SOL saw gains of 21% and 27.5% respectively, driven by corporate treasury adoption.
- Previous cycles saw BTC dominance fall to 39%, suggesting further potential for altcoin growth.
- As BTC liquidity increased, several altcoins became "oversold" based on technical indicators like RSI.