Altcoins Outperform as Ether Rally Sparks Derivatives Surge, OKB Hits All-Time High
The crypto market saw widespread gains early Wednesday, led by ether (ETH), which accelerated toward record highs and fueled renewed interest across a range of altcoins including OKB, PUMP, BNSOL, JITOSOL, and SOL — all posting double-digit returns.
While bitcoin (BTC) edged up just 0.4%, it’s still 2% below its level from 30 days ago, highlighting a broader investor rotation into altcoins.
“We’re witnessing a clear shift in market sentiment,” said Alex Kuptsikevich, chief analyst at FxPro. “Investors appear to be reallocating capital from bitcoin into altcoins, supported by the macro backdrop of record highs in the S&P 500 and Nikkei 225.”
Ether Derivatives Signal Bullish Momentum
The rise in ETH is being matched by growing interest in derivatives. Open interest in CME ether futures has jumped from 1.5 million ETH to 1.85 million ETH over the past week, with the three-month annualized basis topping 10% — a strong signal of bullish expectations. For BTC, the basis remains around 7.5%.
Despite the rally, funding rates for major altcoins remain near 10% annually, suggesting no signs of excessive leverage or overheating.
Monero (XMR) saw open interest rise to its highest level since December, even as prices dropped to $245, implying short-selling pressure.
On Deribit, traders aggressively pursued ETH call options at strike prices of $5,000 and above, with calls commanding a premium over puts across expiries. However, ETH’s 30-day implied volatility (DVOL) remains steady near 70%, mirroring BTC’s muted volatility profile. OTC flows tracked by Paradigm show interest in far OTM BTC calls, including the $160,000 strike.
Key Token Developments
- OKB surged to an all-time high of $142 (+200%) after OKX announced a permanent supply cap of 21 million tokens and unveiled a major upgrade to its Polygon-based X Layer chain. The upgrade increases throughput to 5,000 TPS, slashes gas fees, and enables gasless USDT withdrawals. OKX will also decommission OKTChain, converting all OKT to OKB beginning August 15.
- Eden Network announced it will shut down all services, including Eden RPC and Bundles, citing declining profitability in the MEV relay and block-building space. Eden, which launched in 2021 to optimize miner and validator revenue, lost ground following Ethereum’s transition to proof-of-stake.
- FARTCOIN climbed 17%, with whale addresses (holding $1M+) increasing holdings by 2%, and “smart money” wallets adding 3%. Daily chart momentum remains positive, with resistance at $1.74 and key support near $0.74.
