BTC reversed Wednesday’s bounce with a drop to $121,500 early Thursday along with stable-to-negative action in European stock markets and persistent US dollar strength.
Jamie Dimon, CEO of JP Morgan, warned of a major stock market correction in the coming months.
Meanwhile, Arhur Hayes, chief investment officer at Maelstrom Fund, said bitcoin’s four-year halving cycles are dead and the impending deluge of fiat liquidity across the advanced world will continue to fuel the cryptocurrency bull market.
“The global liquidity cycle is clearly changing. Central banks are quietly shifting from tightening to easing, and rates markets are now pricing in a 90% chance of a Fed cut in October and another in December. In Europe, the ECB’s balance sheet has expanded for the first time in eight months, and China’s PBoC injected a record 1.2 trillion yuan in liquidity last week to support credit markets,” Timothy Misir, head of research at BRN, said in an email.
This type of macro environment has historically driven the outperformance of risk assets and bitcoin bull cycles, Misir added.
Derivatives positioning
By Omkar Godbole
- AVAX, ASTER, PUMP and XPL lead the decline in futures open interest in the last 24 hours. The OI in BTC and ETH has fallen by 1% and 3%, respectively. These capital outflows are likely due to profit-taking on long positions.
- The OI in USDT and USD-denominated perpetual BNB listed on major exchanges continues to oscillate below its September high, diverging bearishly from the rising spot price.
- Annualized perpetual funding rates continue to hover around 10% or less for most major tokens, a sign that the market remains healthy without any signs of froth.
- On the CME, positioning remains elevated in ether futures relative to bitcoin. OI in SOL futures is at a record level above 9 million SOL, and premiums fall to 13%, the lowest level since early September.
- On Deribit, the story remains the same: BTC and ETH put options continue to trade at a premium to call options until the December expiration. Block flows on Paradigm presented risk reversals.
symbolic talk
By Oliver Knight
- Cryptocurrency exchange Binance has introduced Meme Rush, a platform designed for users to ride a wave of Chinese-language memecoins.
- The platform directly taps into the memecoin craze by incorporating curation and early-stage meme token trading within its Wallet.
- It obtains listings through community launch hubs (e.g. Four.Meme on BNB Chain), ranking by both on-chain volume and social traction, allowing Binance to capture speculative interest ahead of DEX listing.
- Its built-in reward mechanics (4× Binance Alpha points) align user activity with monetization. The rise of Chinese-language memecoin projects on BNB Chain is amplifying enthusiasm and attracting attention across the ecosystem.
- On PancakeSwap v2, daily trading volume recently reached $15.55 billion, according to CoinMarketCap, underscoring how active the memecoin DEX markets remain.
- Most of the volume has been in lesser-known memecoins like 币安Holder, which racked up around $1 billion in volume across 163,000 transactions.
