Bitcoin continues to strengthen, rising 2.4% over the past 24 hours and reaching near $62,800. Meanwhile, market dominance has rebounded from last week’s low of 57.9% to 59%, indicating a renewed shift of capital toward top-tier assets, while major altcoins remain generally weak.
Bitcoin holds above the 200-week moving average
From the chart, Bitcoin remains above the 200-week moving average, a level commonly regarded as a key indicator of long-term trend. In contrast, major altcoins such as ETH, SOL, and XRP have not yet reclaimed this level, indicating stronger pressure on altcoins.
The CoinDesk 20 Index rose 2.3% to 1,690 during the same period, while the Memecoin Index increased by 2.7%. However, market sentiment was uneven, with capital flowing more strongly toward Bitcoin rather than broadly spreading across major altcoins.
The futures market is still undergoing deleveraging.
Derivatives data also shows that market risk appetite has not significantly rebounded. Over the past 24 hours, approximately $378 million in positions were liquidated across exchanges, with over $207 million coming from long positions, indicating that funds previously betting on price increases are still exiting passively.
Open interest in Bitcoin and Ethereum futures has remained largely unchanged, indicating limited appetite for new leverage. On the Deribit options market, put options for BTC and ETH remain generally more expensive than call options across all major expiration dates, suggesting traders are more focused on downside hedging than betting on sudden increases in short-term volatility.
- Total 24-hour settlement volume is approximately $378 million.
- Long liquidations exceeded $207 million.
- On June 13, trading activity was strong for a $58,000 BTC put option.
Low-market-cap tokens experience sharp volatility
While Bitcoin remains dominant, several low-market-cap tokens have surged sharply. Audiera’s BEAT token rose another 57% in a single day, with a cumulative gain of over 500% over the past seven days. Velvet’s VELVET token has climbed approximately 800% over the past 30 days, more than doubling in just the last 24 hours.
VELVET's price rise is linked to market enthusiasm for pre-IPO perpetual contracts. These contracts allow traders to speculate on valuation changes before companies officially go public. Current market focus is on popular companies such as SpaceX, OpenAI, and Anthropic, with related markets already available on platforms like Injective, Hyperliquid, and Crypto.com.
However, VELVET’s price volatility has raised concerns. On-chain analyst account Lookonchain noted that the correlation between its spot and futures markets, as well as the selling pressure following the sharp price surge, warrant attention. The token’s price once swung dramatically within a single day, ranging from $0.29 to $1.07.
Additional information: The report states that Velvet Protocol's current deposit size is approximately $6.53 million, while its token market capitalization is around $339 million, revealing a significant discrepancy between the platform's actual funds under management and its token valuation.