The U.S. Senate will conduct a procedural vote on the CLARITY bill today, and market risk appetite continues to favor altcoins in the meantime. Bitcoin is still fluctuating within its range, but altcoins have performed better than Bitcoin over the past 30 days, and the enthusiasm for related leveraged trading has also increased accordingly.
The popularity of altcoin holdings is on the rise.
Data shows that the open interest of altcoin perpetual contracts has surpassed that of Bitcoin for the first time since the end of 2024. This indicates that short-term funds are increasingly shifting towards altcoins, rather than remaining concentrated in Bitcoin.
Bitcoin is currently viewed by some analysts as a range for institutional holdings. The support level is roughly between $76,000 and $77,000, while the resistance levels are concentrated in the ranges of $78,000 to $79,000, and $80,000 to $82,000.
Solana Supply contraction draws attention
Solana has shown strength on the weekly chart since the week of August 24th, with a cumulative increase of about 8.6% since then. The current trading price is close to $103. According to the text, as long as the weekly chart does not fall below around $78, the current trend will still be considered ongoing.
The report also mentioned that the Solana community recently approved a supply adjustment through on-chain voting, and the number of tokens in circulation is decreasing. If demand continues to rise, this change could provide support for the price.
Hyperliquid and Zcash are strengthening.
Hyperliquid Since it strengthened around $38 in April, its cumulative increase has exceeded 95%, and it has reached a new high. This platform focuses on leveraged trading on-chain, covering stocks and crypto assets, and generates revenue through trading activities. The report suggests that this gives it a stronger fundamentals compared to many new tokens.
Zcash is one of the mainstream altcoins that has experienced the most significant fluctuations recently. After its weekly chart surpassed $665 in late August, the token gained strength and subsequently rose above $1200. The open interest in its futures contracts approached $2.4 billion during the upward trend, before declining later on.
As a privacy coin, Zcash has also recently attracted the attention of some Bitcoin holders. Reports suggest that during this cycle, the theme of transactions centered around privacy needs is on the rise.
This week's focus: bills and interest rate meetings
In addition to the bill voting, the Federal Reserve's policy meeting from September 15th to 16th is also considered another key event of the week. Currently, the market estimates a 60% to 70% probability of a 25-basis-point interest rate hike, which is higher than in previous weeks, due to factors such as the policy statements after the Jackson Hole meeting and rising oil prices.
If the Senate fails to obtain the 60 votes required to advance the bill in a procedural vote, reports indicate that the likelihood of the bill continuing to move forward in the remaining time of 2026 will significantly decrease.
