The crypto market stayed steady Wednesday, with Bitcoin (BTC) rebounding above $112,000 while select altcoins posted strong gains. CoinMarketCap’s altcoin season index rose to nearly 60%, signaling that the altcoin cycle may be in full swing.
Story Protocol’s IP token jumped above $10 after Heritage Distillery incorporated altcoins into its corporate treasury, marking a strategic accumulation of IP. Other altcoins, including Mantle (MNT) and PUMP, recorded double-digit gains over 24 hours, reflecting ongoing capital rotation into more speculative assets.
Traders are eyeing tomorrow’s U.S. inflation data for cues on the next major market move. Bitunix analysts said, “Moderate readings could boost risk assets, while higher-than-expected inflation may strengthen the dollar and pressure BTC and ETH.” Key support levels are BTC $108,800 and ETH $4,250.
Derivatives and Market Overview
BTC futures open interest remained stable ahead of the CPI release. ETH, SOL, and HYPE saw OI rise over 2%, while XRP, SUI, ADA, and ENA experienced outflows. Funding rates for top coins, excluding TRX and XLM, hover near 10%, indicating cautious bullish sentiment. CME BTC options OI reached $5.6 billion, while Deribit shows BTC and ETH puts trading at a premium, suggesting persistent downside concerns.
Altcoins continued to outperform despite mixed sentiment. MNT and Pyth (PYTH) led gains, up 15% and 10% respectively, while BTC consolidated around $112,500, remaining range-bound after failing to surpass $124,000—a pattern historically linked to altcoin season rotations.
