Bitcoin Reclaims $92,000 Amid Fed Rate-Cut Expectations, Altcoins Lag
Bitcoin reclaimed above $92,000 during the Asia session, trading near this level and approaching last week's high of $94,200 as expectations for a Federal Reserve interest-rate cut lifted market sentiment.
CME data placed the odds of a 25 basis point Fed rate cut on Wednesday at about 87%, contributing to positive momentum for Bitcoin.
Despite Bitcoin's gains, altcoins have lagged the broader market. The "altcoin season" indicator hit a record-low 19 out of 100, with the CD80 index underperforming the CD20, indicating limited speculative activity beyond top market leaders.
Privacy-focused coins outperformed, with Zcash rising 17% in the last 24 hours and up about 600% year-to-date, contrasting with tokens like TIA, which remains among the weakest performers of the year, down over 87% year-to-date.
Derivatives activity shows a bullish bias with BVIV around 50% and perpetual funding positive. On Deribit, BTC and ETH put options are priced higher than calls, with a $20,000 BTC put being among the most popular bets for the June 2026 expiry. Open interest growth has been driven by ASTER and ENA.
Trading flows reveal demand for BTC call spreads and strangles, while Ethereum flows have favored call calendar spreads. Since December 1, the CD20 index has increased by 1.34% compared to a 1.37% decline in the CD80.
U.S. equity index futures also rose about 0.2% as markets anticipated the Federal Reserve's interest-rate decision later in the week.
