Bitcoin’s late-night spike fuels broad altcoin rally: Crypto Markets Today
Bitcoin's overnight rally spurred a broad altcoin surge, pushing the altcoin season indicator to its highest level since January.Summary
Bitcoin experienced a volatile overnight session, rising up to 3.7% before settling around $65,600, remaining within its three-week trading range. This upward movement fueled a significant rally in altcoins, with tokens like VIRTUAL, ETHFI, and MORPHO gaining over 10%, causing the "altcoin season" indicator to reach its highest point since early January. The average crypto Relative Strength Index (RSI) bounced from oversold territory into a neutral zone, suggesting potential consolidation. Broader risk appetite was also evident as U.S. equity futures edged higher and silver jumped 4%. Derivatives data showed stable open interest for BTC and ETH futures, but a 12% decline in tether gold (XAUT) futures positions, indicating capital rotation away from gold-linked assets. Despite some bearish positioning in options (puts trading pricier than calls), Bitcoin's annualized 30-day implied volatility dropped, supporting a continued price recovery.
(Source：CoinDesk)