Odaily News As of May 28, the market capitalization of Bitcoin (BTC) accounts for more than 64% of the cryptocurrency market, showing its dominance in the market. Despite a number of positive news in the market recently, including Trump Media's announcement that it will raise $2.5 billion in equity and bonds to establish a Bitcoin reserve strategy, the price of Bitcoin has been fluctuating between $106,600 and $111,700 since May 22, showing a narrow range of fluctuations.
In the derivatives market, according to Kaiko data, Bitcoin options expiring at the end of May showed the highest bullish interest at the strike price of $110,000, while options expiring in June and July were more inclined to the strike prices of $115,000 and $120,000, indicating that the market expects Bitcoin prices to rise further. In addition, the annualized funding rate of BTC and ETH perpetual contracts on offshore exchanges has stabilized below 10%, showing a mild bullish sentiment.
In contrast, Ethereum (ETH) and Solana (SOL) prices have performed relatively weakly, each constrained by its 200-day moving average. ETH's current price is $2,633, below its 200-day moving average of $2,697; SOL's price is $173, also below its 200-day moving average of $181, showing that the market lacks bullish confidence in these assets. (CoinDesk)