Bitcoin rose on Thursday, and its share of the total crypto market, its dominance rate, rose alongside a meteoric rise in a lesser-known cryptocurrency.
The price of BTC increased by 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% increase.
BTC’s dominance rate has risen to 59% from last week’s low of 57.9%, a sign of renewed capital flowing into the largest cryptocurrency as major altcoins struggle. Bitcoin price held its 200-week average even as other majors such as XRP, Ether (ETH), and Solana (SOL) trade below the key technical line, suggesting strengthening altcoin bearish momentum.
In the broader market, Audiera’s BEAT token surged another 57%, bringing the seven-day gain to over 500%. Audiera is a Web3 rhythm gaming and entertainment 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 burns and increasing wallet participation. However, some social media users have expressed concerns about the concentration of token ownership and the potential risks of pump and dump.
The other big winner is Velvet’s VELVET token, which has surged around 800% in 30 days.
Positioning of derivative products
- Bullish bets on crypto futures continue to be reduced. Over the past 24 hours, exchanges liquidated $378 million, with over $207 million coming from long positions.
- Open interest (OI) in Bitcoin and Ether futures remained largely stable, indicating little appetite for new leverage. In zcash (ZEC), open interest fell to 2.28 million tokens, extending its drawdown from recent highs above 2.5 million. This reflects an easing in positioning as ZEC’s recovery from Friday’s sub-$300 low stalls. The token went from $480 to around $430 in just two days.
- The OI-adjusted 24-hour cumulative volume delta (CVD) presents a mixed picture. Tokens like BTC, XMR, ETH, HBAR, and SHIB recorded positive CVDs, showing that buyers have lifted their bids. Meanwhile, TON, XLM, HYPE, TRX, XRP and several others recorded negative results.
- BTC’s 30-day implied volatility index (BVIV) remains stable below 50%, suggesting traders are not expecting volatility from tomorrow’s SpaceX IPO to carry over into the crypto. The Ether Volatility Index (EVIV) is also down from Friday’s high.
- On Deribit, bitcoin and ether place continued trading above calls at all major expirations. The $58,000 BTC put expiring on June 13 was the most actively traded contract in the last 24 hours.
Symbolic discussion
- Velvet’s VELVET token has surged approximately 800% in 30 days, more than doubling in the last 24 hours alone.
- The token is racing toward pre-IPO perpetual futures, synthetic contracts that allow traders to bet on the valuations of SpaceX, OpenAI, and Anthropic before shares begin trading. The timing follows SpaceX’s expected June 12 debut, with a reported valuation of $1.75 trillion.
- DefiLlama now tracks 14 similar markets on SpaceX, OpenAI, Anthropic and Quantinuum on sites such as Injective, Hyperliquid and Crypto.com, and Velvet reaches them through external platforms TradeXYZ and Ventuals rather than creating its own. Injective launched the format in October 2025.
- Contracts carry real risks. These are synthetic derivatives that carry no shares, dividends or voting rights, and their prices come from data feeds that can be thin and may deviate from actual funding rounds or any eventual IPO pricing. A SpaceX synthetic contract on Hyperliquid flash crashed by about 45% on Thursday.
- The VELVET token itself is attracting scrutiny. Lookonchain reported concerns about the link between its spot and futures markets and heavy selling pressure after the peak, and the price fluctuated between $0.29 and $1.07 in a single day.
- The protocol holds approximately $653,000 in deposits for a market cap of $339 million, a significant gap between the token’s valuation and the money actually using the platform.
