CoinDesk
Quant jumped 39% over 24 hours as 93 of the 100 CoinDesk 100 constituents rose. Bitcoin traded at $84,342, little changed since midnight UTC, while the altcoin season index reached 56, its highest reading in more than three months.
Why it matters
The rally follows Bitcoin's climb from below $63,000 in August to almost $87,000 on Tuesday, followed by sideways trading. In past cycles, capital has rotated toward more speculative assets after Bitcoin's strong run stalls. Elevated funding costs can also encourage traders to move away from holding leveraged Bitcoin positions.
The gains extend beyond a handful of tokens. The CoinDesk Computing Index rose 9.5% over 24 hours, while the DeFi Select Index gained 8.7%, both outperforming the blended benchmark's 2.5% advance. Quant led the CoinDesk 100, while Zcash and Chainlink also drew attention from derivatives traders.
Market impact
The broad rally continued despite Bitget reporting a $351.6 million hack involving compromised backend wallet infrastructure. CEO Gracy Chen said private key compromise had been ruled out and that a $464 million protection fund covered the loss. Withdrawals remained suspended pending a security review.
Positioning looks quieter than the price action suggests. Market trading volume fell 17% to $206 billion, open interest edged up 1.8% to $153 billion, and liquidations dropped 63% to $228 million. Bitcoin futures open interest slipped below 700,000 BTC, while ETH, SOL and XRP futures open interest was unchanged. Traders will be watching whether altcoin breadth holds as Bitcoin consolidates and exchange withdrawals resume.
Frequently asked questions
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What was the altcoin season index reading?
The index reached 56 out of 100, its highest level in more than three months. It was 45 a week earlier and 38 a month earlier.
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Which sectors led the altcoin gains?
The CoinDesk Computing Index rose 9.5% over 24 hours, while the DeFi Select Index gained 8.7%. Both outpaced the blended benchmark's 2.5% rise.
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What happened in the Bitget hack?
Bitget reported a $351.6 million loss after attackers compromised backend wallet infrastructure. CEO Gracy Chen said private key compromise had been ruled out and a $464 million protection fund covered the loss.
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How did derivatives activity change during the rally?
Trading volume fell 17% to $206 billion, open interest edged up 1.8% to $153 billion, and liquidations dropped 63% to $228 million.
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What does the Bitcoin futures open-interest move indicate?
Bitcoin futures open interest dipped below 700,000 BTC, ending a brief rise. ETH, SOL and XRP futures open interest was unchanged over 24 hours.
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