Smaller tokens lead as bitcoin, sol rally in 'first real bounce of the selloff'

Markets Smaller tokens lead as bitcoin, sol rally in 'first real bounce of the selloff' Bitcoin and major cryptocurrencies rebounded on dovish Federal Reserve signals, with speculative tokens like Memecore’s M and Audiera’s BEAT leading gains. By Omkar Godbole | Edited by Sheldon Reback Jul 2, 2026, 11:27 a.m. 3 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on The CoinDesk 20 Index rose almost 5% in 24 hours to its highest in a week. (CoinDesk) Summary Show Bitcoin and major cryptocurrencies rebounded on dovish Federal Reserve signals, with BTC climbing above $61,000 and speculative tokens like Memecore’s M and Audiera’s BEAT leading gains. Derivatives data show rising open interest and positive funding rates for bitcoin, supporting a bullish outlook. The rapid recovery and reopening of Taiko’s cross-chain bridge after a $1.7 million hack briefly doubled its token price. Smaller speculative tokens are surging as bitcoin BTC $61,240.22 and other major tokens extend Wednesday’s advance. The CoinDesk 20 Index rose almost 5% in 24 hours to its highest in a week, with all members in the green. Memecore’s M and Audiera’s BEAT have gained 81% and 12%, respectively, making them the best performers among the top 100 coins by market value. At No. 3, Venice Token (VVV) is up 9%. Bitcoin, the largest cryptocurrency, added more than 4% to $61,200, and ether (ETH), the second-largest, rose 5%. Solana’s SOL gained 9% as the network unveiled an onchain governance system that requires staking at least 100,000 tokens to submit proposals. XRP is up almost 4%. "First real bounce of the whole selloff, and it has something behind it," analysts at Marex said in an email. "[Federal Reserve Chairman Kevin] Warsh told Sintra that inflation risks have come down, the July hike bet got walked back, and BTC ripped back over $60k for the first time in a week. SOL is the star, up roughly 16% on the week and leading everything." Others pointed to the nonfarm payrolls report due later Thursday and President Donald Trump’s introduction of voluntary AI model standards expected next week as key events to watch. Derivatives positioning The derivatives market is seeing increased activity, with BTC, ETH, and other major coins rising in the wake of dovish comments from Fed Chair Kevin Warsh. The 24-hour trading volume has jumped 18% to nearly $200 million, while open interest (OI) rose 4% to $107 million. Liquidations totaled $444.6 million, with shorts accounting for the majority, a dramatic shift from weeks of long liquidations. BTC’s OI rose to 777.87K BTC from 768K BTC a day ago, the most since June 4. An increase in OI alongside rising prices typically confirms an uptrend. In other words, BTC’s bounce to $61,000 may have legs. Positive annualized funding rates around 10% and the strongest 24-hour cumulative volume delta (CVD) among major cryptocurrencies support the bullish interpretation. ETH, however, is not yet seeing a return of demand for leveraged exposure. Futures OI remains pinned near 13.8 million tokens. The same holds for XRP. SOL futures activity is also slowing, with OI now at 72 million SOL, down from a record high of over 76.6 million on June 24. On Binance the three-month futures basis for both BTC and ETH remains below the U.S. 10-year Treasury yield of 4.49%. This discount signals low incentive for cash-and-carry arbitrage and limited institutional deployment. The broader market looks constructive. The 24-hour OI-adjusted CVD for most of the top 25 tokens is positive, indicating buyers are more aggressive and hitting market orders rather than passive limit orders. This marks a notable shift from recent seller dominance. Supporting the bull case, 30-day implied volatility indexes for BTC and ETH have reversed the spike seen in late June. Volatility indexes typically move opposite to spot prices. The Deribit options market has yet to show the same easing. BTC and ETH puts continue to trade at a premium to calls. Block flows over-the-counter desk Paradigm show diverging trends: BTC $57K puts were lifted, while ETH calls saw demand across various strikes. Token Talk Ethereum layer-2 scaling network Taiko's cross-chain bridge is open for traffic again. Operations were suspended following a $1.70 million hack on July 22. Taiko’s restoration of the bridge is the result of a multistage recovery involving an independent security review. The rapid fix briefly sent native token TAIKO higher by more than 100% to 38 cents. Since then, the price has dropped back to 16 cents. These rapid price swings highlight volatility risks associated with smaller tokens. TAIKO's market cap recenlty stood at just $32.5 million, which means it's not even among top 500 tokens. Crypto Markets Today Related Assets Bitcoin $61,240.22 4.61% Latest Crypto News 1 Warsh's comments set the stage for U.S. jobs data to ignite bitcoin, gold ral