Rally mode: BTC hits $100K, ETH catches a bid

By: bitcoin ethereum news|2025/05/09 17:45:06
0
Share
copy
This is a segment from the 0xResearch newsletter. To read full editions, subscribe. Over the past 48 hours, crypto markets have impulsed higher. The action was led by BTC breaking the $100k barrier for the first time since the start of February. BTC is now in an uptrend, after two weeks of consolidation above the prior critical $91k breakdown level. On April 24, I wrote “the trend looks primed to resume — if it doesn’t break down soon.” Other than a test just below $93k a few days later, we saw a steady grind higher. The ETH rally hasn’t gone unnoticed, either. ETH saw strong upside momentum, with spot up about 30% since Wednesday amid surging trading volumes — a good sign. Some argue Ethereum’s recent Pectra upgrade is one reason. “It introduces long-awaited improvements that will boost Ethereum’s efficiency and scalability,” said BOB co-founder Dom Harz. Meanwhile, a pivotal institutional story unfolded with Coinbase’s acquisition of Deribit, the leading off-chain venue for crypto options. “Global derivatives trading is a key driver of growth for Coinbase,” said Fractal Bitcoin’s Spencer Yang, the ex-product head for Coinbase Wallet. “A cash [and] stock deal is a great bargain for Coinbase shareholders since it helps them expand globally.” And speaking of derivatives, what do they tell us about the longevity of this price action? This move was driven by heavy call spread activity and optimism around trade developments, according to Wintermute analyst Jake O. Traders are chasing frontend volatility, creating a positive spot-vol correlation through mid-May. However, implied volatility (IV) softens past June, suggesting the rally isn’t being aggressively pursued further out. That’s confirmed by Nick Forster, founder of onchain options platform Derive.xyz. He sees trader sentiment as “overwhelmingly bullish, with 59% of all ETH premiums and 67.3% of BTC premiums being used to buy calls.” The expectation is for further short-term upside. “The chance of ETH settling above $2,500 by the end of the month has surged from 2% to 15%, and the chance of BTC hitting over $115K by month’s end has increased from 3% to 13%,” according to Forster. The broader crypto market landscape is even more telling: ETH is playing catch-up with a 25% rally in the ETH/BTC ratio. And beyond the majors, there’s also strength. We’re witnessing signs of life in the long tail of crypto assets. TradingView’s OTHERS index is up 16%, while stablecoin dominance is dropping — a sign that sidelined capital is flooding back into risk assets. The US-UK “trade deal” announced yesterday is credited by some with boosting market risk appetite, though it’s largely symbolic. While still more of a framework than a deal, it will have no meaningful impact on US exports and will keep 10% tariffs on most UK imports, making them more expensive for American consumers. As economist Justin Wolfers noted: The Brits “already charge average tariffs of only 1%,” so this turn of events is “a photo op with little macroeconomic significance.” Even optics can move markets, of course. “[W]ith these deals, there is hope for more such concessions, and with more deals and concessions will come more certainty and better market conditions,” said Galxe co-founder Charles Wayn. “The bull market may revive yet, and alt season could still be on the horizon.” Get the news in your inbox. Explore Blockworks newsletters: Source: https://blockworks.co/news/rally-mode-btc-100k-eth

-- Price

--

You may also like

How has the Pacific "fever" turned extreme weather into a cash machine for Wall Street?

The extreme weather caused by El Niño is sweeping through the commodity markets, becoming not only a "weather code" for quantitative funds and traders to frantically profit from, but also quietly driving up global food prices and the cost of living for ordinary people.

Trade Spot Market Orders With More Control: WEEX Adds Slippage Tolerance

WEEX Spot now supports Slippage tolerance for market orders, helping users set a maximum acceptable price deviation before placing a market buy or sell order

Morning Report | One week after the full implementation of the EU MiCA, 21 stablecoin issuers and over 270 crypto service providers have obtained regulatory qualifications; Microsoft lays off 4,800 employees, with Xbox accounting for about 3,200 of the...

July 7 Market Important Events Overview

Morning News | SK Hynix officially launches the marketing promotion process for its U.S. stock listing; the Central Cyberspace Administration announces the results of the first phase of rectifying AI application chaos, with over 14,000 non-compliant pr...

July 6 Market Important Events Overview

How has Binance's stock business performed in the 30 days since its launch?

Emerging market buying supported the first wave of demand.

Blockchain Capital Partner: AI is rewriting the fundamental unit of labor

The rise of AI is rewriting the basic unit of labor from "positions" and "companies" to "tasks." When programmable labor meets programmable currency, a production line without companies, salary systems, or HR becomes possible for the first time.

Contents

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com