Major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) are trading positively following the Federal Reserve's recent interest rate cut. However, analysts remain cautiously optimistic about the sustainability of this rally.
BNB, AVAX, and DOT have demonstrated exceptional strength with double-digit increases in futures open interest, supporting their 5-9% price gains. While BTC shows price appreciation, declining perpetual futures OI suggests derivative traders might be hesitant to participate fully.
Notable buying pressure is evident in BCH, TRX, BNB, BTC, XMR, AVAX, and SUI based on positive open interest-adjusted cumulative volume delta. The market shows no signs of overheating with funding rates for speculative tokens remaining around 10%.
Ether futures OI on CME approaches 2 million ETH, while BTC positioning remains light. Deribit options data reveals neutral-to-bearish bias for Bitcoin but bullish sentiment for Ethereum across all tenors.
The altcoin market has rebounded strongly from oversold conditions, with ETHFI leading gains at 12% to $1.64. BNB achieved a significant milestone by breaking through $1,000 for the first time. Bitcoin dominance has dropped to 56%, indicating growing investor appetite for speculative altcoins.
DeFi sector has emerged as a major beneficiary with total value locked reaching $170 billion, the highest since April 2022. Hyperliquid's L1 blockchain hit a record $2.77 billion TVL, while Sui's TVL increased 3% to $2.1 billion.