Bitcoin has rebounded to over $121,000 from overnight lows below $120,000 along with strong gains in privacy coins like ZEC and DASH.
Traders on decentralized exchanges continued to lean bullish, preferring higher-strike BTC and ETH out-of-the-money calls. Most analysts maintained a constructive bias.
“The market is moving at elevated levels, calm, liquid and quietly bullish. Institutional flows remain the backbone of this phase, with ETFs acting as a liquidity bridge between traditional and digital finance. Despite the short-term cut, the wave of macro liquidity, corporate adoption and structural flows argue for continuation,” said Timothy Misir, head of research at BRN.
Derivatives positioning
By Omkar Godbole
- Data from Coinglass shows that many BTC perpetual short positions face the risk of liquidation above $121,600. Therefore, a sustained move above that level could trigger a brief contraction, leading to a rapid rally towards all-time highs.
- The market is experiencing a leverage reset, with volatility removing excess positioning on both sides, Glassnode said. Still, overall positioning in the global BTC futures market remains elevated, with open interest just shy of the record 755,000 BTC.
- BNB, XRP, ADA, and TRX have seen a drop in futures open interest (OI) in the last 24 hours, indicating capital outflows. BTC OI is up 1%, and ETH is up just 0.4%.
- The XMR market appears a bit overheated, with annualized funding rates approaching 60%, a sign of frenetic demand for bullish bets. Funding rates for other major tokens, including BTC and ETH, paint a bullish picture, but nothing out of the ordinary.
- On the Derive decentralized exchange, open interest in options expiring on October 31 is concentrated in call options with strike prices of $128,000 and $145,000, reflecting a bullish bias. ETH options activity is similarly bullish, with OI concentrated on $5,000 and $6,000 calls.
- However, on Deribit, the buying and selling bias for BTC and ETH remains slightly negative across all time frames, reflecting a bias for protective puts. Block flows on Paradigm included ETH call and put options.
symbolic talk
By Oliver Knight
- The recent Chinese memecoin frenzy that sent tokens like GIGGLE, 四, and 哈基米 on PancakeSwap V2 soaring has abruptly fizzled out.
- Within 24 hours, many of these assets lost more than 95% of their value, wiping out speculative gains based on publicity and social momentum.
- The drop coincided with a broader memecoin market crash that Binance founder Changpeng “CZ” Zhao described as a “bloodbath,” fueled by FUD and false rumors about token listings.
- The drop comes after Binance launched its “Meme Rush” platform, which was supposed to provide a structured path for tokens before they become tradable on various decentralized and centralized exchanges.
- However, just as Solana memecoins faded away in February following the release of TRUMP and MELANIA, BNB Chain memes appear to be following the same route to demise.
- Pancake Swap trading volume has remained inflated at $18 billion over the past 24 hours, with a handful of newly launched tokens receiving a bid, although it’s worth noting that liquidity remains relatively low; Wrapped bnb (WBNB) has just $35 million of liquidity compared to a fully diluted value of $1.6 billion.
