Quick Breakdown:
- Bybit and Block Scholes report shows BTC and ETH remain range-bound with bearish options sentiment despite U.S. rate cut expectations.
- Solana surged 23% over the past month, driven by Forward Industries’ $1.65 billion Solana-focused treasury initiative.
- Worldcoin gained after Eightco Holdings launched the first WLD treasury, fueling broader altcoin momentum.
Altcoins are showing resilience against a backdrop of weak macroeconomic data, while Bitcoin (BTC) and Ethereum (ETH) remain trapped in tight ranges with options markets leaning bearish, according to the latest derivatives report from Bybit and Block Scholes.
— Bybit (@Bybit_Official) September 15, 2025
BTC and ETH options reflect cautious sentiment
Despite softer US economic data fueling expectations of up to three Federal Reserve rate cuts this year, Bitcoin has failed to capitalize on the macro backdrop. BTC continues to trade between $109,000 and $113,000, with option markets pricing in persistent downside risks. Volatility smiles have tilted toward out-of-the-money puts since mid-August, underscoring a defensive stance among traders.
US labour data reinforced these concerns. July’s Job Openings and Labour Turnover Survey (JOLTS) showed vacancies at a 10-month low of 7.18 million, while June payrolls registered the first negative reading since December 2020. Typically, such figures would encourage risk-on positioning, yet BTC and ETH have not responded with upward momentum. Instead, short-tenor skews in options remain negative, highlighting ongoing caution.
Altcoins benefit from treasury activity
In contrast, altcoins are outperforming. Solana (SOL) rose more than 4% this week, climbing from $199 to nearly $220, and is up 23% over the past month. The move was fueled by Forward Industries’ $1.65 billion raise, backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, to establish the largest Solana-focused digital asset treasury. The initiative aims to actively engage Solana’s DeFi markets, further boosting ecosystem confidence.
Worldcoin (WLD) also gained following news that Eightco Holdings had established the first Worldcoin treasury. Broader digital asset treasuries continue to be a driver of capital inflows and sentiment across altcoins.
Funding rates across most tokens remain broadly positive, with BTC holding neutral-to-bullish levels and ETH stabilizing after September volatility.
A decisive shift was underway in the cryptocurrency market in July, as major altcoins posted substantial gains while Bitcoin entered a period of price consolidation. During that month, several leading alternative cryptocurrencies notched double-digit increases, outpacing Bitcoin, which remained range-bound.
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