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Bitcoin (BTC) and ether (ETH) experienced a lackluster trading session on Monday, following a relatively uneventful weekend for major cryptocurrencies. The market lacked a significant catalyst to stimulate buying activity, resulting in a subdued atmosphere.
Bitcoin was exchanging hands at slightly above $29,300, as ether danced around the $1,850 range. Both cryptocurrencies yielded just over 1% in returns for investors during the previous week, marking this period as one of remarkably low volatility.
The period of reduced activity in the Bitcoin market resulted in minimal fluctuations for both major and mid-cap tokens, including ADA from Cardano, SOL from Solana, and LDO from Lido. These tokens experienced minor price changes, with any sudden shifts being swiftly counteracted by selling pressure and no significant drops observed.
The absence of significant market activity may have prompted traders to turn their attention towards meme coins like shiba inu (SHIB) and pepe (PEPE), as highlighted in a report by data analytics company Santiment on Saturday. These kinds of surges frequently coincide with potential peaks in the local market, as indicated by the notable increase in open interest in SHIB futures, which could serve as a cautionary signal for optimistic bitcoin movements in the upcoming weeks.
“Historically, we need to be aware that surges from speculative assets that really only see minimal development activity (at best), this can often signal that the entire crypto market may be veering toward 'overheated' territory,” Santiment said.
In the meantime, certain market traders express the viewpoint that a decision regarding ETFs could potentially reintroduce the notorious fluctuations to the cryptocurrency market.
“While the options market's expected volatility (DVOL) remains notably low, we are observing a slight uptick in BTC, especially visible versus ETH,” shared Deribit chief commercial officer Luuk Strijers in an email. “A potential catalyst for this could be the looming ETF news on the shorter term and the halving impact on the longer run.
“Although the chances of imminent ETF-related news are slim, any announcement would likely have a more pronounced effect on BTC than on ETH,” Strijers added.
