bitcoin rose on Thursday, and its share of the total crypto market, its dominance rate, gained along with a meteoric rise in a lesser-known cryptocurrency.
The price of BTC advanced 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 gains with a 2.7% rise.
BTC’s dominance rate has risen to 59% from last week’s low of 57.9%, a sign that renewed capital is flowing into the largest cryptocurrency as major altcoins struggle. Bitcoin price has maintained its 200-week average even as other majors such as XRP, ether (ETH), and solana (SOL) trade below the key technical line, suggesting strengthening bearish momentum in altcoins.
In the broader market, Audiera’s BEAT token jumped another 57%, taking the seven-day gain to over 500%. Audiera is a Web3 entertainment and rhythm gaming platform built on BNB Chain that treats AI characters and virtual idols as economic participants.
The protocol announced on X that on-chain activity is increasing, driven by constant token burning and increasing wallet participation. However, some users on social media have expressed concerns about concentrated token ownership and potential pump-and-dump risks.
The other big winner is Velvet’s VELVET token, which is up approximately 800% in 30 days.
Derivatives positioning
- Bullish bets on crypto futures continue to tighten. In the last 24 hours, exchanges liquidated $378 million, of which more than $207 million came from long positions.
- Open interest (OI) in bitcoin and ether futures has remained largely stable, indicating little appetite for new leverage. On zcash (ZEC), open interest has fallen to 2.28 million tokens, extending its pullback from recent highs above 2.5 million. This reflects a lightening of positioning as ZEC’s recovery from Friday’s sub-$300 low has stalled. The token has retreated from $480 to around $430 in just two days.
- The 24-hour OI-adjusted cumulative volume delta (CVD) presents a mixed picture. Tokens such as BTC, XMR, ETH, HBAR, and SHIB recorded positive CVDs, showing that buyers are raising bids. Meanwhile, TON, XLM, HYPE, TRX, XRP and several others posted negative readings.
- BTC’s 30-day implied volatility index (BVIV) remains stable below 50%, suggesting that traders do not expect volatility related to tomorrow’s SpaceX IPO to spill over into cryptocurrencies. The Ether Volatility Index (EVIV) is also declining from Friday’s peak.
- On Deribit, bitcoin and ether call options continue to trade at a premium to call options across all major maturities. The $58,000 BTC put option that expired on June 13 was the most actively traded contract in the past 24 hours.
symbolic talk
- Velvet’s VELVET token is up approximately 800% in 30 days, more than doubling in the last 24 hours alone.
- The token is accelerating toward pre-IPO perpetual futures, synthetic contracts that allow traders to bet on the valuations of SpaceX, OpenAI and Anthropic before the shares begin trading. The timing follows SpaceX’s long-awaited debut on June 12 with a reported valuation of $1.75 trillion.
- DefiLlama now tracks 14 similar marketplaces on SpaceX, OpenAI, Anthropic, and Quantinuum at venues including Injective, Hyperliquid, and Crypto.com, and Velvet reaches them through third-party platforms TradeXYZ and Ventuals rather than building its own. Injective launched the format in October 2025.
- Contracts carry real risk. They are synthetic derivatives that do not convey shares, dividends or voting rights, and their prices come from data sources that may be scarce and far from actual financing rounds or any eventual IPO price. A SpaceX synthetic contract on Hyperliquid plunged around 45% on Thursday.
- The VELVET token itself is coming under scrutiny. Lookonchain flagged concerns about the link between its spot and futures markets and heavy selling pressure after the spike, with the price swinging between $0.29 and $1.07 in a single day.
- The protocol has around $653,000 in deposits against a market capitalization of $339 million, a huge gap between the token’s valuation and the money actually used by the platform.
