After a weekend of little movement, Bitcoin (BTC) and Ether (ETH) traded flat on Monday. BTC traded just over $29,300 while ETH flirted around the $1,850 mark, with both assets returning slightly over 1% for investors in the past week. This period of low volatility meant most majors and mid-cap tokens, such as Cardano’s ADA, Solana’s SOL, and Lido (LDO), moved similarly little.
Data analytics firm Santiment said in a Saturday report that the lack of market movement has possibly led traders to meme coins such as Shiba Inu (SHIB) and Pepe (PEPE). Santiment noted that “surges from speculative assets that really only see minimal development activity (at best), this can often signal that the entire crypto market may be veering toward ‘overheated’ territory.”
Deribit Chief Commercial Officer Luuk Strijers shared that “while the options market’s expected volatility (DVOL) remains notably low, we are observing a slight uptick in BTC, especially visible versus ETH.” Strijers added that “a potential catalyst for this could be the looming ETF news on the shorter term and the halving impact on the longer run.”