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Altcoin open contracts set a record of 47 billion USD, Bitcoin approaches its old peak.
According to Glassnode, the open futures contracts of altcoins have reached a record level of 47 billion USD thanks to a rise to the sky, while the implied volatility of Bitcoin (ATM IV) continues to fall. This trend indicates that investors are making a strong push for leverage, rotating capital from Bitcoin to altcoins, causing BTC Dominance to drop from 65% to 59% over the course of two months.
Ethereum leads the rise, surpassing 4,500 USD, while Bitcoin trades around 120,000 USD, close to its historical peak of 123,091 USD. Glassnode believes that if it exceeds the 127,000 USD mark, BTC could aim for 144,000 USD, while ETH faces short-term resistance at 4,700 USD.
The low volatility of Bitcoin is warned to be a "contrarian indicator," which could lead to strong price shocks if a triggering factor appears.