BTC dominance climbs to 59% as ETH and SOL fail key…

Bitcoin advanced 2.4% in 24 hours to trade around $62,800, while its market dominance climbed to 59% from last week's low of 57.9% — a signal that capital is rotating back into the largest cryptocurrency as major altcoins struggle to hold ground. Notably, BTC has maintained its 200-week moving average even as XRP, Ether, and Solana all trade below that same line, a divergence that points to strengthening bearish momentum in the altcoin complex.

Why it matters

The 200-week moving average is one of the most closely watched long-term support levels in crypto markets. Bitcoin holding above it while ETH and SOL break below reinforces the narrative of a BTC-led cycle rather than a broad-based altcoin rally. Dominance rising from 57.9% to 59% in a single week is a meaningful shift — it suggests investors are de-risking within crypto rather than exiting the asset class entirely, concentrating exposure in the perceived safe haven of the majors.

Derivatives data add nuance: exchanges liquidated $378 million over 24 hours, with $207 million from long positions. Open interest in BTC and ETH futures remained stable, indicating little appetite for fresh leverage. On Deribit, puts are trading at a premium to calls across all major expiries, with the $58,000 BTC put expiring June 13 the most actively traded contract — traders are hedging, not chasing upside.

Market impact

The VELVET token surged roughly 800% in 30 days, riding speculative demand for pre-IPO perpetual futures tied to SpaceX, OpenAI, and Anthropic ahead of SpaceX's expected June 12 debut at a reported $1.75 trillion valuation. However, the protocol holds only $653,000 in deposits against a $339 million market cap, and Lookonchain flagged concerns over heavy selling pressure and market linkage.