Bitcoin Holds Above $78K as Ethereum Outperforms Amid Cooling DeFi Activity

Bitcoin held above $78,000 while Ethereum outperformed, broadening the market-wide upswing and signaling improved risk appetite across large-cap crypto. Most major altcoins rose, lifting total crypto market capitalization to about $2.615 trillion, but on-chain activity painted a mixed picture: DeFi and stablecoin turnover weakened even as derivatives volumes surged. The outsized derivatives activity suggests leveraged positioning may be amplifying the rally and leaves markets prone to volatile swings if spot demand and stablecoin flows do not recover. Overall, the session was constructive for prices but flagged durability risks absent stronger on-chain and stablecoin-led spot buying.