- Amid the crypto market rally, Ethereum futures volume surged to $104.2 billion, 1.5x higher than Bitcoin, while ETH price climbed 20% weekly to $3,650.
- Glassnode’s Altseason Indicator was triggered on July 9, supported by rising stablecoin supply, fresh inflows, and gains across top altcoins like XRP, SOL, and DOGE.
The cryptocurrency market reached the $4 trillion milestone for the first time earlier today, amid a strong Bitcoin (BTC) price rally that led to all-time highs earlier this week. In his landmark achievement for the crypto space, altcoins have also contributed with Ethereum (ETH) extending weekly gains by 20% to $3,650, while XRP touched a new all-time high, triggering hopes of a broader altseason.
This massive rally on the heels of the US passing the GENIUS Act, CLARITY Act, and anti-CBDC act on Thursday, during the ongoing “Crypto Week”.
Where’s Bitcoin (BTC) Price Heading From Here?
After hitting an all-time high above $123,000 earlier this week, Bitcoin’s price is facing some pullback and is currently trading at $118,875, with a market cap of $2.365 trillion. The Satoshi-era Bitcoin whale, which was activated this week after 14 long years of dormancy, has moved a total of 80,202 Bitcoins, raking in a massive $9.54 billion, on its initial investments when BTC price was under $1.
A total of 41,000 Bitcoin options contracts expired on Friday, carrying a notional value of $4.93 billion. The contracts had a put-call ratio of 0.78 and a max pain point at $114,000. Despite the expiry, Bitcoin continued to trade near its all-time high of $120,000. Implied volatility (IV) for BTC saw a modest rebound, with major term IV holding steady around 40% across the board, reflecting a stable yet bullish options market outlook.
The recent pullback in BTC price might cool off the ongoing euphoria, amid heavy short buildups at $121,500. According to crypto analyst Ali Martinez, traders are increasingly shorting Bitcoin, creating a significant liquidation wall at the $121,500 level. The surge in bearish positions suggests heightened volatility ahead, as the crypto market hovers near all-time highs.
Ethereum (ETH) Shows Strength With Strong Futures Buildup
Blockchain analytics firm Glassnode reports that Ethereum futures have once again overtaken Bitcoin, with ETH futures posting $104.2 billion in 24-hour trading volume. This is nearly 1.5 times higher than BTC’s $67.5 billion.
During the same period, ETH open interest rose by 6%, indicating a wave of fresh positioning.
According to Glassnode, the current setup points to a bullish outlook, driven by strong speculative interest, rising open interest, and no immediate signs of market overheating.
On the other hand, inflows into spot Ethereum ETFs continued to surge, with BlackRock iShares Ethereum Trust (ETHA) recording the largest single-day inflow at $540 million on Thursday. Through ETHA, BlackRock holds more than 2.3 million ETH in its kitty, with assets under management now crossing $8 billion. Following the recent rally in ETH price, some market analysts see a 5x potential from here, as reported by CNF recently.
Has the Next Altseason Started Already?
Led by Ethereum, the overall altcoin space is showing strength recently, with XRP price hitting fresh all-time highs, extending its weekly gains to more than 32%, per the CNF report.
Furthermore, SOL and BNB are showing strength with Dogecoin (DOGE) gaining 20% over the past week, along with other top altcoins.
Glassnode’s proprietary Altseason Indicator was triggered on July 9, signaling the start of favorable conditions for altseason in the crypto market. This is due to multiple factors like expanding stablecoin supplies, renewed capital inflows into Bitcoin, Ethereum, and crypto, and a simultaneous rise in the overall altcoin market cap.
