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Bitcoin and Ethereum Rebound is mainly driven by spot trading, while alts and derivation still exhibit higher fluctuation and risk appetite.
On Thursday, the crypto assets market received a boost, with Bitcoin's price soaring to $91,700 and Ether rising to $3,030. This followed a strong rebound in the stock market on Wednesday, led by technology stocks, with the Nasdaq Composite Index marking its fourth consecutive rise since May.
The market focus remains on Bitcoin. In the past 24 hours, Bitcoin has risen by 5.4%, outperforming 18 of the top 20 Crypto Assets by market capitalization. CoinMarketCap's “Altcoin Season” indicator shows a current score of only 22/100, a significant decline from the October high of 67/100, indicating that the market is still dominated by Bitcoin.
The derivatives market shows that traders are heavily buying Bitcoin call option spreads (Kallor-Condor) that expire at the end of the year, with strike prices between $100,000 and $118,000, for a premium of $6.5 million. Although there is an oversold situation in call options around $100,000, the downward hedging has slowed, and the 30-day implied volatility (BVIV) has fallen back to 50%, indicating that the market expects a potential “Christmas rally.” The open interest in Bitcoin contracts is rising in sync with the spot price, indicating that this pump is mainly driven by the spot market.
The performance of altcoin derivatives has shown a divergence: the open interest of Ethereum, Solana, and Zcash has experienced disproportionate growth, particularly Zcash, indicating that traders prefer high-risk strategies such as leveraged trading. The total trading volume remained flat on Wednesday compared to Tuesday, while it slightly decreased before the opening on Thursday, possibly related to the Thanksgiving holiday in the United States.
Overall, the prices of Bitcoin and Ethereum rebound mainly driven by spot trading, with short-term market sentiment improving, but altcoins and derivatives trading still show higher volatility and risk appetite. (CoinDesk)