Analysis: Bitcoin's Market Dominance Surpasses 64%, Options Market Shows Bullish Trend by End of May

As of May 28, Bitcoin (BTC) accounts for over 64% of the cryptocurrency market capitalization, demonstrating its dominance in the market. Despite several positive developments recently, including the announcement by Trump Media Company to raise $2.5 billion through equity and bond financing to establish a Bitcoin reserve strategy, the price of Bitcoin has been fluctuating between $106,600 and $111,700 since May 22, showing a narrow range of volatility.

In the derivatives market, according to Kaiko's data, Bitcoin options expiring at the end of May show the highest bullish interest at a strike price of $110,000, while options expiring in June and July are more inclined towards strike prices of $115,000 and $120,000, indicating market expectations for further price increases. Additionally, the annualized funding rates for BTC and ETH perpetual contracts on offshore exchanges remain stable below 10%, indicating a moderate bullish sentiment.
In contrast, the price performance of Ethereum (ETH) and Solana (SOL) is relatively weak, constrained by their 200-day moving averages. ETH is currently priced at $2,633, below its 200-day moving average of $2,697; SOL is priced at $173, also below its 200-day moving average of $181, indicating a lack of bullish confidence in these assets. (CoinDesk)