The cryptocurrency market enjoyed a period of rally over the weekend after two consecutive weeks of losses. bitcoin It is up 4% in the last 24 hours and after rising as high as $106,500 it is now trading around $106,000 as it tries to move away from the psychological support level of $100,000. Ether added 6.5%.
The altcoin market outperformed bitcoin, with bitcoin dominance falling to 59.1% from the Nov. 5 high of 60.1%. This is a sign that the touted $2,000 US tariff dividend payment will serve as a boost for altcoins, as it did during the Covid era.
Decentralized finance (DeFi) protocols also saw a boost, with total value locked (TVL) rising to $142.8 billion, according to data from DeFiLlama. Starknet Bridge TVL increased 20% to $913 million and Suilend also increased 20%.
The rise in TVL could be attributed to asset appreciation, but given that the SUI token is up only 7%, it is more indicative of investors depositing to generate a return, reflecting confidence in the market.
Derivatives positioning
By Omkar Godbole
- Despite BTC’s rapid rebound to $106,000, options on Deribit continue to show a put bias across all timeframes. In the case of ETH, call options have been trading at a premium to puts since the January expiration, indicating a bullish outlook.
- The block flows included a long position in the $99,000 put option expiring on November 14 and a bull call spread on ether, involving call options at $3,900 and $4,400, both expiring on November 21.
- Overall, options flow has been mixed, with call fly buyers suggesting optimism and call spread sellers expecting limited rallies.
- In the futures market, XRP, LTC and LINK have seen double-digit growth in open interest (OI) in the last 24 hours, validating the gains in their spot prices. OI also increased in other major tokens including BTC and ETH, indicating renewed capital inflows.
- The OI-adjusted cumulative volume delta for most tokens excluding ZEC and BCH is negative over the past 24 hours, a sign that while spot prices rose, futures saw net selling. The divergence raises the question of earnings sustainability.
- DOT stands out with negative funding rates, pointing to a bias towards bearish short positions.
symbolic talk
By Oliver Knight
- The altcoin market saw a much-needed boost on Monday, boosted by President Donald Trump’s announcement of a $2,000 tariff-related dividend going to US citizens.
- One of the biggest winners was linked to Trump. which rose 26% during Asian hours on Monday.
- XRP, XLM, and HBAR all recorded gains of over 10% in the last 24 hours. These three tokens are preferred by retail investors, suggesting that the move is supported by those who could receive the dividend rather than institutional flows through ETFs.
- CoinMarketCap’s “altcoin season” indicator has risen to 34/100 from a 90-day low of 23/100, demonstrating strength across the altcoin market relative to bitcoin. which rose to $106,500 on Monday.
- One sector that cooled was privacy coins: Monero and run both posted marginal losses after significant rallies in the past two weeks.
- The decentralized finance (DeFi) market also showed signs of a reversal, with the total value locked (TVL) across all protocols rising to $142.8 billion from $136.2 billion over the weekend, according to DefiLlama.
