1. The total crypto market cap has been hovering around the $1.2 trillion level for the past few weeks, indicating a period of consolidation in the market.
2. However, derivatives data suggests that bulls are preparing for the next breakout, with an increase in long positions and call options.
3. This could potentially lead to a surge in the market cap and prices of cryptocurrencies, as investors become more optimistic about the future of the industry.
The crypto market has been in a period of consolidation, with the total market cap stalling at $1.2 trillion. However, derivatives data shows that bulls are preparing for the next breakout, which could lead to a surge in prices and market cap. Investors should keep an eye on this trend and consider their investment strategies accordingly.