Altcoin euphoria as bitcoin ranges; spot ETF approval looms, widening contangos, and spot volumes stay elevated. What does it tell us about the market going forward?
Pockets of altcoin euphoria
Bitcoin stays in a wide trading range, seeing a 5% gain over the past week after lows of $40,500 and highs of $43,500. ETH continues to underperform, in contrast to some smaller altcoins, where pockets of euphoria have erupted in memecoins and alternative layer 1s.
Volumes stay high
Spot trading volumes are substantially higher than during most of the fall. This is indicative of