Crypto majors stuck in tight range as altcoin rotation picks up steam

Bitcoin holds between $76,000 and $78,000 while AI tokens and HYPE surge; derivatives signal calm conditions with volatility selling dominating options markets. What to know : AI tokens NEAR (+28.5%) and FET (+11.4%) led Friday's altcoin action as speculative flows rotated out of privacy coins DASH, ZEC and XMR, which shed much of their early-week gains. HYPE hit a record high after rallying ~60% since Tuesday, driven by heavy short liquidations and institutional demand following the launch of U.S. spot ETFs; altcoin season indicator climbed to 38/100. Bitcoin's implied volatility continues to slide as options traders sell calls, while put activity is concentrated at $71,000 to $77,000 strikes on Deribit — reflecting a cautious, range-bound posture heading into the weekend.