Crypto06 May, 20262 min read
Bitcoin Stalls Below $83K As Ethereum Breaks Above $2,400 And Altcoins Surge
This article is an automated aggregation of coverage from news outlets. Our editorials offer in-depth analysis curated by the NewsCord team.
Bitcoin hovered around $82,000, near a three-month high. Altcoins led gains, outperforming bitcoin and ether amid rotation into risk assets.
Bitcoin, Ether, Rotation
Bitcoin “stalls below $83K” while altcoins outperform as traders rotate into higher-risk assets, according to CoinDesk. The same report says bitcoin held near a three-month high around “$82,800” after Wednesday’s rally, while ether slipped below $2,400 during European trading hours.
CoinDesk also links the shift to derivatives positioning, noting total futures volume rising “just 3% to $216 billion” while aggregate open interest (OI) declined 3% to $133 billion. In parallel, Sherwood News frames the move as a rebound in which “Ethereum broke above $2,400 Wednesday morning,” with open interest across Binance, Bybit, OKX, Deribit, and Hyperliquid jumping to almost $12 billion from $10.7 billion on Wednesday morning.
Futures, OI, and Options
CoinDesk reports that BTC open interest fell to “762K BTC from 793K BTC,” ending a three-day streak of sustained positioning growth, while DOGE’s OI declined “down 6%” and XRP OI slipped roughly 1%. The article adds that DOGE’s funding rates remain negative at an annualized rate of around 6%, and it describes DOGE’s 24-hour cumulative volume delta (CVD) as “the most negative among major tokens.”
It also says TON continues to stand out, with open interest climbing “more than 10% to another record high,” and notes TON’s price briefly reached $2.90 earlier today. On the options side, CoinDesk says bullish sentiment remains evident on Deribit, where call options at strike levels above $80,000 “continue to dominate 24-hour volume rankings.”
Companies, Tokens, and Strategy
Beyond market moves, Investing News Network reports that Coinbase is “laying off roughly 14 percent of its workforce,” impacting about 700 employees as it restructures to navigate sluggish market conditions. The same source says Strategy leader Michael Saylor told it’s possible the company will sell a portion of its stash of “818,334 BTC,” after a quarter marked by a “US$12.54 billion net loss.”
On the token and infrastructure front, Investing News Network says Coinbase named Centrifuge its preferred tokenization partner on Base, and it quotes the companies’ joint statement that “Centrifuge’s tokenization service enables institutions” to launch vaults without building infrastructure from scratch. Sherwood News adds that BitMine Chairman Tom Lee said “Crypto Spring, in our view, has commenced,” while also noting his firm “added 101,745 ethereum tokens to its stockpile last week.”