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Bitcoin’s dominance has climbed from last week’s lows, signaling a renewed rotation of capital back into the largest cryptocurrency as altcoins continue to underperform.
BTC rose on Thursday, with its share of the total crypto market also increasing alongside strong moves in select smaller-cap tokens. The CoinDesk 20 Index gained 2.3% to 1,690, while the CoinDesk Memecoin Index led broader gains with a 2.7% rise.
Bitcoin advanced 2.4% over the past 24 hours, trading near $62,800. Its dominance rate rose to 59%, up from 57.9% last week, reflecting stronger relative demand for BTC as major altcoins struggle to recover. BTC has also managed to hold its 200-week moving average, while assets such as XRP, ether (ETH), and solana (SOL) continue trading below that key long-term level—highlighting growing weakness across the altcoin segment.
In broader market activity, Audiera’s BEAT token surged another 57%, pushing its weekly gain beyond 500%. The Web3 gaming and entertainment project, built on BNB Chain, has seen rising attention due to AI-driven virtual characters and increased onchain engagement, supported by token burns and growing wallet activity. However, concerns persist on social media regarding concentrated ownership and potential speculative dynamics.
Another standout performer is Velvet’s VELVET token, which has rallied roughly 800% over the past month.
Derivatives positioning
Recent derivatives data shows continued pressure on bullish crypto trades. Over the last 24 hours, exchanges liquidated around $378 million in positions, with more than $207 million coming from longs.
Open interest in BTC and ETH futures has remained largely flat, suggesting limited appetite for new leverage. In contrast, Zcash (ZEC) saw open interest fall to 2.28 million tokens from recent highs above 2.5 million, indicating reduced positioning as its recovery from sub-$300 levels loses momentum. The token has also pulled back from $480 to around $430 in just two days.
The 24-hour OI-adjusted cumulative volume delta (CVD) showed a split picture: BTC, ETH, XMR, HBAR, and SHIB recorded positive readings, while TON, XLM, HYPE, TRX, XRP, and others reflected net selling pressure.
Implied volatility remains subdued, with Bitcoin’s BVIV holding below 50%, suggesting traders do not expect major volatility spillover from upcoming macro events such as the SpaceX IPO. Ether’s volatility index (EVIV) has also eased from recent highs.
On Deribit, BTC and ETH puts continue to trade at a premium over calls across major maturities. The most actively traded contract in the past 24 hours was the $58,000 BTC put expiring June 13.
Token activity
Velvet’s VELVET token continues to draw strong speculative interest, surging around 800% over the past 30 days and more than doubling in a single day at one point.
The rally has been driven by growing interest in pre-IPO perpetual futures—synthetic contracts that allow traders to speculate on valuations of private companies such as SpaceX, OpenAI, and Anthropic ahead of their public listings. This comes ahead of SpaceX’s expected debut at a reported $1.75 trillion valuation.
DefiLlama tracks 14 such pre-IPO markets across platforms including Injective, Hyperliquid, and Crypto.com, with Velvet accessing liquidity via external routing mechanisms rather than building native infrastructure.
However, these instruments carry significant risks. They are synthetic derivatives with no ownership rights, dividends, or equity exposure, and pricing can diverge sharply from real-world valuations due to thin liquidity and unreliable data feeds. One synthetic SpaceX contract reportedly dropped around 45% in a single flash crash.
The VELVET token itself has also come under scrutiny. On-chain analytics flagged concerns about heavy selling pressure after its rapid rise, along with potential structural imbalances between spot and futures markets. The token has experienced extreme volatility, swinging between $0.29 and $1.07 within a single day.
Notably, the protocol reportedly holds only about $653,000 in deposits against a $339 million market capitalization, highlighting a wide gap between platform usage and valuation.
