Crypto Markets Today: IP Token Surges on Corporate Treasury Adoption

Market Overview - The crypto market showed stability with Bitcoin (BTC) recovering above $112,000, while smaller coins like IP, MNT, and PUMP experienced double-digit gains, indicating the potential start of an altcoin season as CoinMarketCap's altcoin season index reached nearly 60% [1][3] - Traders are anticipating U.S. inflation data to influence asset prices, with a moderate range expected to favor risk assets, while any overshoot in inflation could pressure BTC and ETH [2][3] Derivatives Positioning - BTC's futures open interest remained steady, while open interest in ETH, SOL, and HYPE increased by over 2%, indicating a mixed sentiment among traders [3] - Notional open interest in BTC options on the CME reached a record $5.6 billion, with subdued futures activity, while BTC and ETH puts traded at a premium to calls, reflecting downside concerns [3] Altcoin Season Dynamics - The altcoin season is characterized by capital rotation into speculative tokens, with the altcoin season index rising to 59/100, surpassing August's high of 57, despite a generally bearish sentiment [3][4] - Historical patterns suggest that altcoin seasons occur when Bitcoin consolidates, allowing traders to invest in speculative assets without missing significant BTC movements [4]