Bitcoin rose on Thursday, and its share of the overall crypto market, its dominance rate, rose along with a surge in a lesser-known cryptocurrency.
BTC price rose 2.4% in 24 hours to recently trade around $62,800. The CoinDesk 20 Index ( CD20 ) added 2.3% to 1,690, and the CoinDesk Memecoin Index ( CDMEME ) led the way, up 2.7%.
BTC’s dominance rate has risen to 59% from last week’s low of 57.9%, a sign of renewed capital flowing into the largest cryptocurrency as major altcoins struggle. Bitcoin price has held its 200-week moving average, although other majors such as XRP, ether (ETH) and solana (SOL) are trading below the key technical line, suggesting strengthening bearish momentum in altcoins.
In the broader market, Audiera’s BEAT token jumped another 57%, taking its seven-day gain to over 500%. Audiera is a Web3 entertainment and rhythm game platform built on the BNB Chain that treats AI characters and virtual idols as economic participants.
The protocol announced on X that onchain activity is increasing, driven by consistent token burns and increasing wallet participation. However, some social media users have expressed concerns about concentrated token ownership and potential pump-and-dump risks.
The other big gainer is Velvet’s VELVET token, which is up around 800% in 30 days.
Derivatives positioning
- Bullish crypto futures bets continue to be squeezed. Over the past 24 hours, exchanges have liquidated $378 million, with more than $207 million from long positions.
- Open interest (OI) in bitcoin and ether futures has remained broadly stable, indicating little appetite for fresh leverage. In zcash (ZEC), open interest has fallen to 2.28 million tokens, extending the pullback from recent highs above 2.5 million. This reflects an easing of positioning as ZEC’s recovery from Friday’s lows below $300 has stalled. The token has pulled back from $480 to around $430 in just two days.
- The 24-hour OI-adjusted cumulative volume delta (CVD) presents a mixed picture. Tokens like BTC, XMR, ETH, HBAR and SHIB registered positive CVDs, showing buyers lifting offers. Meanwhile, TON, XLM, HYPE, TRX, XRP and several others saw negative readings.
- BTC’s 30-day Implied Volatility Index (BVIV) remains consistently below 50%, suggesting that traders do not expect volatility related to tomorrow’s SpaceX IPO to spill over into the crypto. Ether’s Volatility Index (EVIV) is also down from Friday’s peak.
- At Deribit, bitcoin and ether continue to trade at a premium to calls across all major expirations. The $58,000 BTC put, which expired on June 13, was the most actively traded contract in the last 24 hours.
Token Talk
- Velvet’s VELVET token is up around 800% in 30 days, more than doubling in the past 24 hours alone.
- The token is driving the rush into pre-IPO perpetual futures, synthetic contracts that let traders bet on the valuations of SpaceX, OpenAI and Anthropic before the shares start trading. The timing follows SpaceX’s expected June 12 debut at a reported valuation of $1.75 trillion.
- DefiLlama now tracks 14 similar markets across SpaceX, OpenAI, Anthropic and Quantinuum at venues including Injective, Hyperliquid and Crypto.com, and Velvet reaches them by routing through external platforms TradeXYZ and Ventuals rather than building its own. Injective launched the format back in October 2025.
- The contracts entail a real risk. They are synthetic derivatives that do not provide shares, dividends or voting rights, and their prices come from data feeds that can be thin and can drift far from actual funding rounds or any eventual IPO price. A synthetic SpaceX contract on Hyperliquid flash crashed about 45% on Thursday.
- The VELVET token itself is attracting scrutiny. Lookonchain felt concerns about the correlation between its spot and futures markets and strong selling pressure after the rise, and the price lashed between $0.29 and $1.07 in a single day.
- The protocol holds about $653,000 in deposits against a market capitalization of $339 million, a large difference between the token’s valuation and the money actually using the platform.
