IP Token Soars as Corporate Treasury Embraces the Digital Asset

The crypto market remained steady on Wednesday, with Bitcoin (BTC) rebounding above $112,000 while several altcoins posted significant gains. CoinMarketCap’s altcoin season index climbed to nearly 60%, indicating that a new altcoin cycle may be underway.

Story Protocol’s IP token jumped above $10 following Heritage Distillery’s adoption of altcoins for its corporate treasury, marking a strategic accumulation of IP. Other altcoins, including Mantle (MNT) and PUMP, recorded double-digit gains over the past 24 hours, reflecting a rotation into more speculative assets.

Traders are focused on tomorrow’s U.S. inflation data, which could guide the next major market move. Bitunix analysts noted, “Moderate data could boost risk assets, while higher-than-expected inflation may strengthen the dollar and pressure BTC and ETH.” Key support levels are BTC $108,800 and ETH $4,250.

Derivatives and Market Insights
BTC futures open interest remained stable as traders awaited the CPI release. ETH, SOL, and HYPE saw OI increase over 2%, while XRP, SUI, ADA, and ENA experienced outflows. Annualized funding rates for top coins, excluding TRX and XLM, hover around 10%, suggesting a cautiously bullish outlook. CME BTC options OI reached $5.6 billion, while Deribit data shows BTC and ETH puts trading at a premium, signaling lingering downside concerns.

Altcoins continued to outperform despite cautious sentiment. Mantle (MNT) and Pyth (PYTH) led gains, rising 15% and 10%, while BTC consolidated around $112,500 after failing to break $124,000—a trend historically associated with altcoin season rotation.