What a weekend in the markets, I must say. Bitcoin saw some green while traditional stocks dropped sharply. The interesting part is that oil surged significantly to $115 per barrel, the highest since mid-2022, which caused some crazy dynamics in the rest of the market.

Gold and silver lost ground, which is quite notable for safe havens. Investors seem to be flocking en masse to the US dollar instead of traditional safe havens. Precious metals declined by 1.6% and 1.1%, respectively, so the traditional story no longer fully holds.

What really caught my attention is that altcoins performed relatively well. DASH, XMR, and ZEC showed some strength, and tokens like ETHFI and MORPHO outperformed the big players. The altcoin season indicator from CoinMarketCap is now at 36/100, much higher than the bottom in February. That suggests that money is slowly starting to trickle into smaller projects.

In the derivatives market, a lot also happened. Nearly $400 million in crypto futures were liquidated within 24 hours. Bitcoin open interest remained stable around 650,000 BTC, so futures traders didn't really participate in the rally. Ether futures saw open interest rise to 13 million. For XRP, open interest reached 1.72 billion tokens, the highest since February, indicating capital inflow.

The implied volatility of BTC and ETH remained stable despite chaos in Asian markets and oil madness. Put options on Deribit are still being traded at a premium, indicating downward concerns, but the premium itself didn't change much compared to last week. Bitcoin's volatility term structure remained in backwardation, which traders interpret as expecting higher volatility in the short term.

Another highlight: Bitmine Immersion Technologies has transformed from a mining company into a leveraged Ethereum player. They doubled their shares in six months and raised over $10 billion to accumulate nearly 5% of all Ether. That’s quite aggressive considering how large the Ethereum market is. The focus on Ethereum as an institutional investment vehicle is becoming increasingly clear.

The Worldcoin token dropped about 9%, despite bullish sentiment elsewhere. Interesting given the involvement of Josh Altman's network in such initiatives. Canton Network fell 3.4%, so tokens aimed at institutions had a tougher day.