What will a market be called that refuses to meet sustainably in the back of positive catalysts? A weak one, presumably.
Looking under the hood, there is more than a unique catalyst that drives the volatility of this market.
Bitcoin (BTC) has returned to go back to approximately where he was before the president of the Fed, Jerome Powell, spoke doubly on Friday. More losses could be in process if the support of about $ 107,500 gives way, they indicate technical graphics.
Meanwhile, spot market flows and options point to a rotation to Ether from Bitcoin.
“The BTC domain fell from 60% to 57% in the rotation. Although it is still above the levels of less than 50% of the Coin season of 2021, the positioning is a feed talk that the whales expect ETH to overcome. If the ETFs of the approval of ETH for the approval of ETH at the end of this year, that narrative would get more support,” said the capital of QCP Singapore in its daily market update.
Derivative positioning
- The open interest of BTC and Hype’s global future has increased by 1% and 3%, respectively, in the last 24 hours, which exceeds the widest trend of the outputs observed in another 10 main tokens.
- Open cumulative interest in the future perpetuals called in USDT and USDT in the main exchanges such as Binance, Bybit, OKX, Deribit and Hyperliquid remained stable on Friday despite the price rally. However, since then, the open interest has increased from approximately 260,000 BTC to 282,000 BTC, indicating a feeling of “Rally sale” among merchants.
- The opposite is the case in the ether market, where the OI increased during Friday’s rally and has retired with the price setback. This pattern suggests a temporary pause in the bullish impulse instead of establishing new short positions, which indicates a bullish respite instead of a change towards the bearish feeling.
- Speaking of financing rates, with the exception of the ADA, most tokens see positive rates, indicating a net bias for long bullish positions.
- Altcoin Futures OI exploded for more than $ 9.2 billion in a single day on Friday, carrying the combined total of a new maximum of $ 61.7 billion. “Such fast entries highlight how Altcoins are increasingly promoting leverage, volatility and fragility in digital asset markets,” Glassnode said.
- In the CME, the open interest in the ether options reached a notional record of more than $ 1 billion on Friday. This follows a record number of great headlines in the futures market earlier this month. Ether Futures OI reached a new high above 2 million ETH.
- The notional open interest in the BTC options increased to $ 4.85 billion, the highest since April, since the future activity remained.
- In Delibit, BTC options continued to show a bias for the expiration of December, contradicting the upward feeling after Powell in the market. In the case of Ether, the calls negotiated with a slight premium.
Token talk
- Hyperliquid reached a new 24 -hour A -24 -hour spot volume of $ 3.4b, driven by the increase in BTC and ETH deposits and trade through hyperunity.
- This spike placed hyperlichid as the second largest place for spot BTC trade, on centralized and decentralized platforms, with $ 1.5b only in BTC volume.
- These volume milestones improve the attractiveness of hyperlichid by demonstrating its ability to handle order flow at institutional scale.
- The architecture of the platform, based on Hypercore (Capa-1 with Hyperbft consensus) and Hiperge, offers Subsecond purpose, high performance and EVM compatibility, which makes it very attractive for both high frequency merchants and for defi builders.
- Its growing volume, especially in the BTC SPOT markets, strengthens the hyperlichid value proposal as a defi liquidity layer, reinforcing its “liquidity AWS” thesis driven by the performance and depth of the infrastructure.
- Spot Growth complements the mastery of its perpetuals, where the platform already captures 60-70% of the participation in the DEX market, offering more income in the chain than even Ethereum.
- High Spot Volume translates into real benefits for exaggeration holders: its token benefits of regular repurchases financed by commercial rates flows through its assistance fund, linking the use of the platform directly to the long -term token value.
Read more: Behold, Bitcoin’s flash block can indicate the Altcoin season: Crypto Daybook Americas
