CoinDesk
Altcoins ran the show on Thursday as capital rotated out of bitcoin and ether into higher-beta names. The CoinDesk DeFi Select Index (DFX) and MemeCoin Select Index (CDMEME) each climbed about 2.5%, while ALGO and TON gained as much as 9% since midnight UTC. Bitcoin held near a three-month high around $82,800 after Wednesday's push, and ether slipped back below $2,400 in European trading to trade at $2,325, having briefly topped $2,420 a day earlier.
The broader tape is showing early signs of a bullish reversal following a two-month consolidation between February and April, though bitcoin still needs a clean break above $98,000 to invalidate its current cycle of lower highs and lower lows. CoinMarketCap's altcoin season index climbed to 45/100 — its highest reading since late March, up from 32 a month ago — a level that historically marks the transition zone between BTC-led and alt-led regimes.
Why it matters
The rotation is showing up in derivatives data, not just spot. Total crypto futures volume rose only 3% to $216 billion over 24 hours while aggregate open interest fell 3% to $133 billion — a divergence that points to deleveraging rather than fresh positioning. BTC open interest dropped to 762K from 793K BTC, ending a three-day streak of growth, and DOGE led major-asset declines with a 6% OI drop. ETH and SOL were the exception: both added more than 1% in OI even as spot weakened, a combination that typically signals fresh short positioning.
The standout is TON. Open interest climbed more than 10% to a fresh record, with price briefly hitting $2.90 — its highest level since September — putting the token up 93% on the week. The simultaneous rise in price and OI is the kind of directional participation that turns into trend extension rather than mean reversion.
Market impact
Funding rates tell a more cautious story. BTC funding is broadly neutral after averaging around minus 4% annualized, which analysts read as a healthy reset of excessive bearish positioning.
Frequently asked questions
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Why are altcoins outperforming bitcoin and ether right now?
Traders are rotating into higher-beta names as the broader tape shows early signs of a bullish reversal after a two-month consolidation. CoinMarketCap's altcoin season index climbed to 45/100, its highest since late March, while DFX and CDMEME benchmarks each rose about 2.5% on Thursday.
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What did bitcoin and ether do on Thursday?
Bitcoin held near a three-month high around $82,800 after Wednesday's rally. Ether slipped below $2,400 during European trading to $2,325, having briefly topped $2,420 the day before. The two majors stalled as capital rotated into altcoins.
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What is the outlook for TON?
TON briefly hit $2.90, its highest level since September, and is up 93% on the week. Open interest climbed more than 10% to a fresh record, and the simultaneous rise in price and OI points to strong directional participation rather than mean reversion.
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What does the derivatives data say about market positioning?
Total futures volume rose only 3% to $216B while aggregate open interest fell 3% to $133B — a divergence that points to deleveraging. BTC OI dropped to 762K from 793K, DOGE led with a 6% OI decline, and DOGE funding remains negative at roughly minus 6% annualized.
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Why is the $80,000 BTC strike level important on Deribit?
Deribit call volume is concentrated at $80,000-plus strikes, and Glassnode notes that dealers with short gamma exposure may need to buy into a BTC move above $82,000 to maintain hedges. That hedging flow can add to upside momentum if the level breaks.
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