XLM, INJ, and UNI Among Top Gainers in Cryptocurrency Market
By Omkar Godbole, Shaurya Malwa|Edited by Sheldon Reback Jun 16, 2026, 10:29 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Bitcoin price chart (CoinDesk)SummaryShow- Bitcoin rose above $66,500 after the Bank of Japan increased interest rates, marking a 1.5% gain within 24 hours.
- Derivatives data indicates a resurgence in risk appetite, with increases in crypto trading volumes, open interest, and short position liquidations, alongside funding rates and implied volatility reflecting a more stable market.
- Negative sentiment has emerged around Avalanche and its AVAX token as focus shifts to competitors like Solana and Sui, although some analysts view this negativity as a potential buying opportunity.
Bitcoin BTC$66,455.13 surged following the Bank of Japan's decision to raise interest rates to a peak not seen in 31 years, which pushed its price up from approximately $65,600 during Asian trading to over $66,500 in European trading.
The leading cryptocurrency has gained 1.5% in the last 24 hours, recovering from a low below $60,000 recorded on June 5. Several altcoins experienced even greater gains.
Stellar's XLM, Injective's INJ, and Uniswap's UNI saw increases ranging from 13% to 16%, positioning them as top performers among the 100 largest cryptocurrencies by market cap. UNI's rise follows Standard Chartered's initiation of coverage on Uniswap with a long-term price target of $100 by 2030.
Meanwhile, the memecoin SIREN continued its downward trend, declining 21% in the past day, totaling a 77% loss for the month. Blockchain data on X revealed a major holder, often referred to as a whale, sold off coins that constituted 92% of the token's total supply, causing this significant drop.
Market Positioning in Derivatives
- Crypto markets are witnessing a revival of risk appetite. Daily trading volume surged by 51% to $207 billion, while open interest increased by 2.4% to $113.41 billion. Liquidations spiked by 64% to $561 million, predominantly from short positions.
- Leverage is also returning, with BTC futures open interest climbing to 747,000 BTC, marking a third consecutive daily rise and the highest level since June 4. This steady increase indicates that investors are ready to embrace risk again, supported by annualized perpetual funding rates remaining close to zero and a positive cumulative volume delta (CVD) over the past 24 hours.
- Ether futures open interest grew to 14.20 million ETH from a low of 13.64 million, showing a modest yet encouraging trend.
- Among the major cryptocurrencies, LTC$45.55 stood out with a 6.6% rise in open interest to 6.86 million tokens within 24 hours. Although this is a relative increase, it remains below the January peak of 9.29 million tokens, indicating overall positioning is still cautious.
- On the downside, TON, BCH, and HBAR experienced declines in open interest over the past day, indicating capital outflows. Notably, TON's rebranding to GRAM has not positively impacted trader sentiment, with a notably negative CVD among major cryptocurrencies, suggesting a seller-driven market.
- The volatility landscape appears reassuring for bulls, as both BVIV and EVIV — the 30-day implied volatility indexes for BTC and ETH — have nearly completed their reversal from the early month's spike, signaling a reduction in previous fears and supporting a continued recovery narrative.
- On Deribit, BTC puts at strikes between $58,000 and $64,000 have been among the most frequently traded in the last 24 hours. Block flows included put condors, a non-directional strategy aimed at profiting from specific volatility ranges rather than taking directional bets.
Discussion Around Tokens
- Avalanche was a focal point of discussion on Monday amid the broader crypto rally, but sentiment regarding AVAX has turned negative. The positive to negative commentary ratio has dropped to around 0.85, indicating that bearish posts now surpass bullish ones, a shift from the optimism seen earlier in January.
- This negative sentiment revolves around concerns about Avalanche's ability to compete with faster-growing alternatives, with developer activity and user adoption increasingly favoring Solana and Sui, as noted by Santiment.
- Price trends also reflect this mood, with AVAX trading at approximately $6.88, close to the lower end of its recent price range and significantly lower than the nearly $10 level it reached last month.
- However, there is a contrarian perspective. Santiment highlights that extreme negativity often signals potential buying opportunities rather than market tops. Markets can shift when widespread bearish sentiment prevails, a pattern it observed with XRP just days ago.
- Fundamentally, Avalanche remains strong, with institutional collaborations, government-related projects, and its subnet design that allows for the launch of custom app-specific blockchains. The case against it primarily concerns its momentum, not its underlying business stability.
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Exchange Volumes Hit Lowest Since September 2024 as RWA Perpetuals Reach New Highs
Exchange Volumes Hit Lowest Since September 2024 as RWA Perpetuals Reach New Highs
In May, total exchange volumes declined by 3.45% to $4.41T, marking the lowest level since September 2024. Conversely, RWA perpetual futures volumes increased by 10.4%, setting a new all-time record.
By CoinDesk Research23 hours agoIn May, total exchange volumes declined by 3.45% to $4.41T, marking the lowest level since September 2024. Conversely, RWA perpetual futures volumes increased by 10.4%, setting a new all-time record.
Why it matters:
In May, total exchange volumes declined by 3.45% to $4.41T, marking the lowest level since September 2024. Conversely, RWA perpetual futures volumes increased by 10.4%, setting a new all-time record.
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