BTC, ETH prices drop even as futures show growing taste for risk. XLM, HYPE gain: Crypto Markets Today

Bitcoin and Ether see price declines at the start of June, while altcoins like XLM and HYPE show gains, reflecting mixed sentiments in the crypto market.

As June unfolds, the cryptocurrency market is feeling the heat, with Bitcoin and Ether starting the month with a downturn. But amid this decline, some altcoins are finding their footing. Let's dive into the crypto market today to explore what's driving the trends. Why Are Bitcoin and Ether in the Red? Bitcoin (BTC) opened June at $70,191.13 , down approximately 1% alongside Ether (ETH). This decline comes after a disappointing May, where BTC and ETH generally see positive returns—averaging a 7.4% rise in past months. However, this May recorded a surprising 3.5% slide . The sentiment in the market has been affected significantly by heightened tensions between the U.S. and Iran. As these geopolitical issues escalate, they are causing investors to tread carefully. Furthermore, Bitcoin has experienced a record 10 consecutive days of net outflows , amounting to approximately $2.97 billion from spot Bitcoin exchange-traded funds (ETFs). What’s Happening with Futures Trading? While Bitcoin and Ether are struggling, futures data indicates a growing appetite for risk among institutional investors. The derivatives market shows a steady open interest in BTC, sitting at $19.5 billion . This stability suggests that traders are cautiously optimistic despite the downturn. Funding rates across exchanges are reflecting this sentiment, ranging from 0%–10% annualized, indicating a slightly bullish outlook. The latest options positioning also leans modestly bullish, with put/call volume favoring calls at a 61/39 ratio during the past 24 hours. What’s Behind the Surge in XLM and HYPE? In stark contrast to Bitcoin and Ether, Stellar’s XLM skyrocketed more than 40% to reach $0.2862 . This surge comes after the announcement that DTCC will be using the Stellar network for its tokenized securities platform, a move that positions Stellar prominently within Wall Street’s multichain tokenization strategy. As a result, the market cap for XLM has now surpassed $9.6 billion . The open interest in