Crypto Daybook Americas: Bitcoin Dominance Tops 64% While Options Indicate Bullish Tilt
Bitcoin’s price has remained within a tight 5% range between $106,600 and $111,700 since May 22, despite positive developments like Trump Media’s plan to invest $2.5 billion in Bitcoin. This consolidation contrasts with the S&P 500’s 22% rise from its April lows, suggesting Bitcoin may be ahead of the broader market. Bitcoin’s market dominance exceeds 64%, highlighting its growing influence. Currently priced near $108,000, it trades significantly above its 200-day moving average, indicating strength.
Conversely, Ether (ETH) and Solana (SOL) remain subdued, repeatedly rejected at their 200-day moving averages. Market analysts suggest indecision regarding further rallies. Bitcoin’s rally could potentially trigger altcoin breakouts, but this hasn’t yet materialized. Bitcoin options expiring in May show high call interest at $110,000, with June and July expiries exhibiting more bullish sentiment at higher strike prices. High turnover around $110,000 suggests continued consolidation.
Circle, the issuer of USDC, is pursuing an IPO aiming to raise $600 million at a $5.4 billion valuation, reflecting renewed institutional interest in crypto. Upcoming events include the second round of FTX repayments, the Mezo mainnet launch, and a SEC roundtable on DeFi. Macroeconomic data releases include the Fed’s FOMC meeting minutes, Brazilian unemployment rate data, and Q1 GDP data.
Several governance votes are underway, including Lido DAO’s vote on Dual Governance and Arbitrum DAO’s vote on the ArbOS 40 upgrade. Significant token unlocks are scheduled for Optimism, Sui, ZetaChain, Ethena, and Aptos in June. Various conferences, including Bitcoin 2025, Web Summit Vancouver, and Stablecon, are also taking place.
Cetus Protocol, a Sui blockchain DEX, secured a loan from the Sui Foundation to fully reimburse users after a $223 million exploit. Bitcoin CME futures volume reached its highest since February, but open interest has stalled, suggesting a pause in inflows. ETH CME futures volume also increased, while offshore perpetual futures show a moderately bullish bias for BTC and ETH. Monero’s funding rate signals excessive bullish leverage.
