Bitcoin keeps flirting with 110,000 dollars, yet traders act like the party has not even started.
Price ticked up another 1 percent on Tuesday, holding above the round number for a second day while U.S. stocks went nowhere.
The bigger stories sat in the tail of the market where ether, solana, and chainlink tacked on 5 to 7 percent.
Uniswap stole the show with a 24 percent jump, followed by Aave at 13 percent, after SEC Chair Paul Atkins spoke favorably about decentralized finance.
That policy tone lit a fire under DeFi tokens even as broader positioning stayed cautious.
Perpetual futures on Binance still carry near-zero or negative funding, indicating that leveraged traders are not pursuing upside.
In past cycles, bitcoin has rarely topped when shorts pay longs, so the setup feels more like a coiled spring than a peak.
Leveraged ETF flows tell the same tale.
The 2x bitcoin fund holds exposure to about 52,000 coins, well below last December’s 77,000-coin peak, signaling little FOMO from fast money.
If sidelined liquidity rotates back in, spot demand could squeeze shorts and fuel a stronger climb.
Skeptics warn that every rally this year has met quick pullbacks once a negative headline hits, and they point to 105,000 and 100,000 as support if momentum fades.
I see a market caught between soft hands in derivatives and genuine spot bids under 100,000, a mix that often breeds choppy yet constructive price action.
Meanwhile, altcoins are dictating intraday mood swings, which is a classic mid-cycle tell when investors search for higher beta.
I am tracking funding spreads, ETF creations, and DeFi governance votes to judge when caution gives way to conviction.
Follow me for more thought leadership as we navigate the next phase of crypto’s expanding market.
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