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Bitcoin’s dominance has rebounded from last week’s lows, indicating renewed capital rotation into the largest cryptocurrency as altcoins continue to lag.

BTC rose on Thursday, while its share of the total crypto market also increased alongside strong moves in select smaller-cap tokens. The CoinDesk 20 Index gained 2.3% to 1,690, and the CoinDesk Memecoin Index led gains with a 2.7% advance.

Bitcoin climbed 2.4% over 24 hours to trade near $62,800. Its dominance rate rose to 59% from 57.9% a week earlier, reflecting a shift in market preference toward BTC amid ongoing weakness in altcoins. Bitcoin has also held its 200-week moving average, while XRP, ether (ETH), and solana (SOL) remain below that key technical level, underscoring relative underperformance across major altcoins.

Elsewhere, speculative activity remained elevated in select tokens. Audiera’s BEAT token surged another 57%, extending its seven-day gain to more than 500%. The Web3 gaming project, built on BNB Chain, has benefited from rising onchain engagement, token burns, and increased wallet activity, though it continues to face criticism over concentration risks and speculative trading behavior.

Velvet’s VELVET token also stood out, rallying roughly 800% over the past month amid heightened speculative flows.

Derivatives positioning

Derivatives markets showed continued stress on leveraged bullish positions. Over the past 24 hours, liquidations totaled about $378 million, with longs accounting for more than $207 million.

Open interest in Bitcoin and Ethereum futures remained broadly stable, suggesting limited new leverage entering the market. In contrast, Zcash (ZEC) saw open interest decline to 2.28 million tokens from recent highs above 2.5 million, reflecting reduced positioning as its rebound from sub-$300 levels fades. The token has also retreated from $480 to around $430 in a short span.

The 24-hour OI-adjusted cumulative volume delta (CVD) showed mixed flows: BTC, ETH, XMR, HBAR, and SHIB recorded net buying pressure, while TON, XLM, HYPE, TRX, XRP, and others showed net selling.

Implied volatility remains contained, with Bitcoin’s BVIV staying below 50%, indicating limited expectations of turbulence around upcoming macro catalysts such as the SpaceX IPO. Ether volatility (EVIV) has also eased from recent highs.

On Deribit, BTC and ETH puts continue to trade at a premium over calls across major expiries. The most actively traded contract was the $58,000 BTC put expiring June 13.

Token activity

Velvet’s VELVET token has attracted strong speculative inflows, rising roughly 800% over 30 days and more than doubling at peak in a single session.

The rally has been fueled by interest in pre-IPO perpetual futures—synthetic contracts that allow traders to speculate on private company valuations such as SpaceX, OpenAI, and Anthropic ahead of listing events. This surge coincides with expectations of SpaceX’s upcoming debut at a reported $1.75 trillion valuation.

DefiLlama tracks 14 such pre-IPO markets across platforms including Injective, Hyperliquid, and Crypto.com, with Velvet accessing liquidity via external routing rather than building native infrastructure.

However, these products carry significant structural risks. They are synthetic instruments with no equity rights, and their pricing can diverge sharply from real-world valuations due to thin liquidity and unreliable data feeds. One SpaceX-linked synthetic contract reportedly fell about 45% in a single flash move.

VELVET itself has also faced scrutiny after sharp volatility, with analysts flagging potential imbalances between its spot and derivatives markets. The token has traded wildly, ranging between $0.29 and $1.07 in a single day.

On-chain data further highlights a gap between usage and valuation, with roughly $653,000 in deposits supporting a $339 million market cap, raising questions about sustainability and real economic activity.