Bitcoin traders are looking at $28,000; Solana, Cardano, and Tellor taking the lead in altcoin surge

In a daily note, traders at the Japanese exchange Bitbank expressed their anticipation for Bitcoin prices to reach the $28,000 level, citing optimism surrounding ETFs. Despite the mixed movements in the broader financial markets, Bitcoin remained stable above $27,000. While global oil prices experienced a decline after a surge, stocks in Asia and Europe saw slight gains during the Asian afternoon hours.

The crypto markets received a boost as participants anticipated increased short-term demand following the announcement of a proposed Ethereum futures ETF by financial giant VanEck. However, some analysts cautioned about potential selling pressure on riskier assets like Bitcoin, citing all-time highs in certain oil markets.

Analysts estimated a 90% probability of the ETF being approved in the first week of October, impacting bearish positions. This contributed to the strength of the crypto markets, resulting in gains for major altcoins such as Solana’s SOL and Cardano’s ADA, with each experiencing increases of up to 4.5%.

Traders at Bitbank reiterated their expectation for Bitcoin prices to move towards $28,000, attributing their optimism to the ETF developments. Although the SEC postponed their decision on approving or disapproving Bitcoin ETFs from Ark, BlackRock, and Valkyrie, the market’s hope for spot Bitcoin ETF approval resurfaced following the decision on Ethereum Futures ETF, according to analyst Yuya Hasegawa.

Meanwhile, Tellor’s TRB tokens continued their multi-week rally, surging by approximately 10% in the past 24 hours and extending their monthly gains to over 250%, as indicated by data from CoinGecko. Analysts from Coinalyze suggested that the high funding rates on TRB futures could explain some of the demand for these tokens, especially considering the lack of fundamental catalysts.

Funding rates refer to periodic payments made by traders on perpetual futures markets from one side of the trade to the other. These payments depend on their open positions and ensure there are always participants on both sides of the trade, either paying or receiving funding.