Bitcoin Near Weekly Highs as Altcoins Lag

Overview: Bitcoin Stabilizes Near Weekly Highs

Bitcoin traded around $93,500 late in the week, showing resilience after recent downside pressure. The market’s short-term tone has improved, with implied volatility easing and risk sentiment moving away from extremes seen earlier in 2025. Nonetheless, a sustained bullish reversal requires clear technical confirmation — specifically a decisive move above the $98,500 level, which would interrupt a series of lower highs established since October.

Market snapshot

• Bitcoin price: ~ $93,500 (late-week)
• Ether price: ~ $3,200 following a network upgrade
• Crypto Fear & Greed index: moved higher toward the high-20s, exiting extreme-fear territory
• Altcoin season indicator: near 20/100, signaling altcoins are underperforming bitcoin

Volatility and Derivatives: Implied Volatility Falls

Derivatives metrics suggest a softer volatility environment than earlier in November. Bitcoin’s 30-day implied volatility has pulled back into the mid-40% range, the lowest level in several weeks. Ether’s implied volatility also eased toward the low 70% range.

These moves reflect two dynamics: a reduction in sudden directional spikes seen in mid-November and an increase in structured, premium-selling strategies across the options market. Demand for protective puts remains noticeable, while significant open interest in high-strike calls points to continued bullish targeting among some market participants.

Key options and futures developments

• Put demand continues across multiple tenors, indicating hedging activity.
• Large open interest at high call strikes — including notable interest around the $100,000 call level — highlights longer-dated speculative positioning.
• Strangles and multi-leg block trades dominated large trades, suggesting traders are targeting range-bound or volatility-driven outcomes.
• Futures open interest for select altcoin contracts showed localized growth, signaling speculative attention in smaller markets.

Altcoins: Momentum Remains Concentrated

Even as bitcoin stabilizes, most altcoins are lagging. Broad measures of altcoin breadth indicate a preference among investors for bitcoin over higher-risk tokens. This underperformance is reflected in the altcoin season indicator, which retreated to about 20/100.

There were exceptions: a handful of tokens recorded gains in the single-digit range over the past 24 hours, driven by idiosyncratic catalysts or short-term technical rebounds. However, the wider picture shows lower volumes and selective interest rather than broad-based speculation.

Notable token movements

• Several mid-cap tokens advanced between 4% and 9% on isolated flows.
• Some previously fast-moving projects have cooled, with trading volumes contracting following earlier rallies.
• Hedera (HBAR) and similar assets saw dampened momentum and a notable pullback in 24‑hour volume metrics.

Privacy Coins Enter a Correction

Privacy-focused tokens that experienced a strong run from September through November have entered a corrective phase. After weeks of outperformance, the group has given back material gains over a short span as profit-taking and reduced leverage pressures played out.

• Zcash (ZEC): declined substantially over the past week, on the order of high double digits.
• Dash (DASH): also fell by a notable percentage during the same period.

Correction in these sectors is a common part of market cycles, particularly after concentrated rallies. Traders cited rotation back into perceived safer crypto assets and a pullback in speculative flows as key drivers.

Macro and 2025 Market Context

Throughout 2025, crypto markets have been shaped by increasing institutional participation, ongoing spot ETF liquidity, and several major protocol upgrades. These structural developments have contributed to deeper order books in some venues and a more selective investor base.

Policy and macroeconomic factors in 2025 — including central bank guidance and interest rate trajectories — continued to influence risk appetite. Periods of risk-on flows generally coincide with outperformance in bitcoin and larger-cap tokens, while tighter conditions or headline-driven events push traders toward hedges and volatility strategies.

How 2025 differs from earlier cycles

• Greater institutional adoption has produced larger blocks and more sophisticated derivatives flows.
• Retail participation has become more discerning compared with the froth seen in late 2024.
• Network upgrades and product launches this year have created pockets of technical demand that can outperform broader market moves.

Trading Implications and Risk Considerations

Traders should interpret the current setup as cautiously constructive for bitcoin, with a key threshold near $98,500 that would signal a more durable reversal. Until that level is convincingly breached, the presence of lower highs and lower lows since October suggests rallies can be sold into or retraced.

Options and futures data point to the following practical considerations:

• Hedging remains in demand: protective puts are still a common tool for managing downside exposure.
• Premium-selling strategies can benefit from reduced volatility, but require careful risk controls in the event of sudden market shocks.
• High-strike call positions indicate a subset of traders is positioning for a sizable rally; these can amplify directional moves if liquidity shifts rapidly.
• In altcoins, position sizing and liquidity risk are important as selective winners may see outsized swings on low volume.

What to Watch Next

Market participants will be watching several indicators over the coming days:

• Bitcoin breaking and holding above $98,500 as confirmation of a trend change.
• Implied volatility trends — sustained declines may favor income strategies, while spikes will benefit long volatility positions.
• Relative performance of altcoins versus bitcoin to gauge whether risk appetite is broadening.
• Volume and open interest shifts across futures and options to identify where speculative capital is moving.

Outlook

The current market tone is cautiously optimistic for bitcoin, supported by lower implied volatility and improved sentiment metrics versus the extremes seen earlier in 2025. However, broader confirmation of a bullish phase is contingent on breaking key technical barriers and seeing follow-through across altcoins and derivatives flows.

Investors and traders should maintain disciplined risk management, monitor derivatives positioning for signs of leverage accumulation, and be prepared for rapid shifts in liquidity. For those who trade on centralized platforms, up-to-date market data and risk tools can help navigate the evolving conditions — MEXC provides comprehensive market analytics and execution options to support active strategies: https://www.mexc.com.

Final note

As 2025 draws toward year-end, market structure is maturing and pockets of opportunity persist. The combination of institutional flows, network developments, and evolving retail behavior suggests that selective, research-driven approaches may outperform indiscriminate speculation in the months ahead.

Disclaimer: This post is a compilation of publicly available information.
MEXC does not verify or guarantee the accuracy of third-party content.
Readers should conduct their own research before making any investment or participation decisions.