The crypto market exhibited signs of optimism during the Asia session on Monday, with bitcoin (BTC) rising above $92,000 having spent the weekend trapped in a tight range below $90,000.

The largest cryptocurrency has now reversed Friday's sell-off and is within striking distance of last week's high of $94,200.

U.S. equity index futures also posted a gain from Sunday evening's open, rising by around 0.2% as the market anticipated a Federal Reserve interest-rate cut on Wednesday, with probability of a 25 basis point cut standing at around 87%, according to CME data.

While bitcoin and ether (ETH) are up 3%-4% over the past 24 hours, the altcoin market remains weak with a lack of speculative catalysts driving the action.

Derivatives positioning

BTC's 30-day implied volatility index, BVIV, is holding steady at around 50%, showing no signs of panic ahead of the impending Fed decision. ASTER and ENA lead open interest growth in futures tied to the major tokens. Perpetual funding rates for major tokens, including BTC and ETH, continue to be positive, indicating a bias for bullish leveraged bets. The positive bias, however, could be in part due to the unwinding of the cash and carry arbitrage's short futures legs. On Deribit, bitcoin and ether puts continue to trade pricier than calls in a sign of lingering downside fears. In BTC's case, the $20K put is the second most popular options bet in the June 2026 expiry options. Block flows featured demand for BTC call spreads and strangles. In ETH's case, call calendar spreads have dominated the 24-hour flow.

Token talk

The "altcoin season" indicator slumped to a record low of 19/100 on Monday, highlighting how investors are refusing to speculate on the tokens other than the market leaders following a grueling sell-off over the past few months.This behavior is also demonstrated by comparing the CoinDesk 20 (CD20) index with the CoinDesk 80 (CD80), the latter of which includes a wider basket of altcoins.The CD20 has risen 1.34% since Dec. 1 while the CD80 lost 1.37%.The memecoin and metaverse indexes are the worst performing sectors of the year, down by 53% and 62%, respectively. It appears the market has moved on from viral memes and cartoon character non-fungible tokens (NFTs).One sector that continues to perform well is privacy coins, zcash (ZEC) gained the most out of the top 100 crypto tokens over the past 24 hours, rising by 17% to compound a 600% year-to-date rally.The same can't be said for celestia (TIA), the native token of its namesake's data availability blockchain that has lost more than 87% of its value this year following a lack of activity and a recent round of layoffs.