Altcoin Frenzy Accelerates as Ether Futures Surge and OKB Hits Record High
The cryptocurrency market lit up on Wednesday, driven by a powerful rally in ether (ETH) and a wave of double-digit gains across altcoins like OKB, PUMP, BNSOL, JITOSOL, and SOL.
Bitcoin (BTC) gained just 0.4%, remaining roughly 2% below its 30-day average—highlighting the market’s clear pivot toward altcoins.
“We’re seeing rotation out of bitcoin into altcoins,” said Alex Kuptsikevich of FxPro, citing investor appetite for higher-risk tokens amid record highs in traditional markets like the S&P 500 and Nikkei 225.
Ether Derivatives Show Bullish Positioning
Traders are increasingly betting on further ETH upside. Open interest in CME ether futures climbed to 1.85 million ETH, up from 1.5 million ETH last week. The annualized 3-month basis is now over 10%, signaling strong long interest. By comparison, bitcoin’s CME basis hovers near 7.5%.
Despite ether’s climb, funding rates across major tokens remain stable near 10%, suggesting that the altcoin rally isn’t overheating.
Monero (XMR) saw open interest hit a multi-month high even as its price fell to $245, implying traders shorted the rally. Meanwhile, Deribit data showed increased demand for ETH call options above $5,000, confirming bullish sentiment. However, ETH DVOL remains anchored around 70%, with BTC volatility also steady. OTC desks like Paradigm reported demand for far out-of-the-money BTC calls, including strikes as high as $160,000.
Token Movers: OKB, FARTCOIN, Eden
- OKB surged to a new all-time high of $142, jumping 200% after OKX announced it will permanently reduce supply to 21 million tokens and implement a major upgrade to its Polygon-based X Layer chain. The update enhances throughput to 5,000 TPS, reduces gas fees to near zero, and enables gasless USDT withdrawals. OKX also said it will sunset its OKTChain, halt OKT trading on August 13, and convert all OKT balances to OKB starting August 15.
- Eden Network announced a complete shutdown, including Eden RPC and Bundles, after struggling to compete in the MEV relay and block-building ecosystem post-Merge. Launched in 2021 to boost validator revenue, Eden fell behind as dominance consolidated among a handful of players.
- FARTCOIN gained 17%, fueled by whale activity. Addresses holding $1M+ in the meme coin increased their holdings by 2% in 24 hours, while “smart money” addresses added 3%. The MACD indicator remains bullish, with a potential breakout above $1.74 if momentum holds. Support lies near $0.74.
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