Bitcoin (BTC) has bounced from the first Asian session minimums about $ 108,760 to more than $ 110,000, but sustained recovery prospects seem gloomy as points of activity in the chain for the weak adoption of the network.
“The impulse of the price is weakening with the RSI near the survey area and a bassist MacD,” Timothy Misir, head of research, Brn, said. “The CVD Spot at – $ 199 million shows that sellers have control with the spot volume that indicate a lack of demand supply. On the contrary, the daily active addresses fell to 692K (below the low band), indicating a wealthier network participation.”
The broader market remains under pressure with the Coindesk 20 and Coindesk 80 indices dropped 2% and 1.7% to 24 hours.
Derivative positioning
- Leaned cryptographic bulls have been burned, with futures bets worth $ 940 million liquidated in the last 24 hours. More than $ 800 million were long positions that bet on price earnings. Ether only represented $ 320 million in liquidations.
- Even so, the general open interest (OI) in BTC remains elevated near the maximums for life above 740k BTC. In the case of Ether, the OI has backed away 14 million ETH of 14.60 million ETH.
- Oi in Sol, XRP, Doge, Ada and Link also fell in the last 24 hours, indicating net capital outflows.
- Despite prices volatility, financing rates for most important tokens, excluding Shib, Ada and Sol, remains positive to suggest the domain of long bullish positions.
- Oi in the future standard of BTC that is in CME has turned to 137.3K of 145.2k, reversing the minor rebound at the beginning of this month. It shows that the institutional interest in the trade of these regulated derivatives remains low. Oi in options, however, it has continued to increase, reaching the highest since the end of May,
- Ether Futures OI of CME remains elevated in 2.05 million ETH, just less than the record of 2.15 million ETH on August 22. Meanwhile, OI in ether options is now at its highest point since September last year.
- In Delibit, the imminent billionaire expiration on Friday shows a bias towards BTC Puts, indicating concerns that prices decrease even more. The imminent expiration of ether paints a more balanced image.
- OTC desktop flows in Paradigm have been mixed, with strategies such as direct purchase and BTC spans, as well as calls and risk reversions in ETH.
Token talk
- The NFT Blue Chip collections faced steep weekly losses since Ethher (ETH) withdrew from the highest records, cleaning more than 10% discount on the value of most of the main projects.
- Dordines penguinsThe leading negotiation collection, 17% fell to a 10.32 ETH floor, which shows that even the strongest liquidity magnet in the sector could not escape the recession.
- Burse Ape Yacht Club (Bayc) lost 14.7% to 9.59 eth, while Scribble He registered one of the most acute corrections, falling 18.9% to 0.73 eth.
- Secondary projects also collapsed: Lunar birds It fell 10.5%and Lil Pudgys Eliminate 14.6%, which reflects how cascade prices pressure in the collections of flagships and derivatives.
- Cryptopunks It proved to be more resistant, losing only 1.35% during the week, underlining its status as the market defensive reference point when the risk appetite collapses.
- Despite the lowest floors, the commercial activity remained high. Full penguins saw 2,112 ETH ($ 9.36 million) in weekly volume, followed by lunar birds (1,979 ETH), Cryptopunks (1,879 Eth) and Bayc (809 Eth).
- The general capitalization of NFT market reduced almost 5% to $ 7.7 billion, below a peak of $ 9.3 billion on August 13. The dismissal of $ 1.6 billion highlights the speed with which capital flees when ETH falls.
- The strong contrast between resistant cryptopunks and the newest and sliding collections strengthens its appeal as a collateral asset. Its liquidity is maintained even when the wider NFT floors collapse.
- For investors, the mass sales signs that NFT blue chips remain high beta, with only inherited projects such as Cryptopunks that show the defensive value that makes them the most safe institutional commitment in the long term.
