Traders are betting heavily on $110,000 for June as dominance of $BTC grows amid trading turbulence!
Despite a widespread price drop in the cryptocurrency market, Bitcoin's dominance $BTC is on the rise. This liquidation is occurring amid profit-taking and mixed messages from the Trump administration regarding the trade war with China, creating uncertainty among investors.
While the CoinDesk 20 index fell more than Bitcoin, institutional traders show a clear preference for BTC, evidenced by the high premium in Binance futures tracking its dominance. The options market also reflects short-term optimism for Bitcoin, with significant bets that it will reach $110,000 in June, although with long-term caution. Long-term cryptocurrency holders seem unfazed and continue to accumulate. Political uncertainty in Washington has also affected other safe-haven assets like gold.