Institutional Market Brief Format
Bitcoin Hovers Above $110K as DeFi and Altcoins Steal Spotlight
Bitcoin (BTC) briefly held above $110,000 for the second day in a row, aided by broader altcoin strength but without a clear indication of bullish conviction from market participants.
BTC rose roughly 0.9% in 24 hours, but the real momentum was seen across altcoins. The CoinDesk 20 Index advanced 3.3%, driven by 5–7% gains in ETH, SOL, and LINK. DeFi tokens surged even more — UNI and AAVE posted gains of 24% and 13%, respectively — after SEC Chair Paul Atkins floated the idea of regulatory leniency for DeFi platforms.
Despite price strength, funding rates and positioning data tell a different story. On Binance, BTC perpetuals showed negative funding rates, while the ProShares 2x Bitcoin ETF (BITX) has scaled back exposure to 52,435 BTC, down from peaks near 77,000.
“Current positioning is defensive,” said Vetle Lunde of K33 Research. “Historically, this setup has preceded rallies rather than tops.”
Still, skepticism lingers. CoinPanel’s Kirill Kretov warned of a potential retracement, identifying key supports at $105K and $100K.
In short, bitcoin remains rangebound, and while the rally isn’t overextended, it’s far from euphoric — a setup that may favor opportunistic buyers, but not the risk-averse.
