On the perpetual contract heat ranking, $FORM surged to the third spot, closely trailing ETH and BTC. ZEC also held steady in fifth, and the privacy sector suddenly came back to life.
MUBARAK is in sixth, SUI kept within the top ten, and capital is clearly flowing into small- and mid-cap coins. Meme trading sentiment is still speculative, but it’s not as intense as the top names.
Meanwhile, USD/JPY is falling toward the 155 range, with expectations of the Bank of Japan raising rates heating up. A stronger yen usually suggests carry trades may contract, but this time altcoin heat is actually rising—quite counterintuitive.
Contracts for even smaller-cap assets have also pushed into the list, with money starting to seep into the fringes. This kind of tempo generally isn’t what you’d see at the early stage of a market move. Layer 2 valuation recovery is still lagging, fully unable to keep up with the speed of the privacy sector.
What I care about most is that FORM’s contract heat has directly overtaken SOL and XRP. But the project team hasn’t released any major announcements recently, and I also haven’t seen any matching surge in on-chain active addresses.
MUBARAK is in sixth, SUI kept within the top ten, and capital is clearly flowing into small- and mid-cap coins. Meme trading sentiment is still speculative, but it’s not as intense as the top names.
Meanwhile, USD/JPY is falling toward the 155 range, with expectations of the Bank of Japan raising rates heating up. A stronger yen usually suggests carry trades may contract, but this time altcoin heat is actually rising—quite counterintuitive.
Contracts for even smaller-cap assets have also pushed into the list, with money starting to seep into the fringes. This kind of tempo generally isn’t what you’d see at the early stage of a market move. Layer 2 valuation recovery is still lagging, fully unable to keep up with the speed of the privacy sector.
What I care about most is that FORM’s contract heat has directly overtaken SOL and XRP. But the project team hasn’t released any major announcements recently, and I also haven’t seen any matching surge in on-chain active addresses.