bitcoin The price has changed little over the past 24 hours despite a wave of selling pressure on multiple crypto exchanges. Lookonchain revealed that a long-term holder transferred a $228 million bitcoin stack to Kraken, while bitcoin miner MARA Holdings (MARA) transferred $58 million worth of BTC to Falcon X and Coinbase Prime.
The market absorbed this increased level of supply as BTC trading volume increased 5% to $81 billion.
The altcoin market underperformed that of bitcoin. Ether fell 3.4% along with several other tokens, some of which, including canton (CC), fell more than 10%.
Derivatives positioning
- Over the past 24 hours, $600 million worth of leveraged crypto futures positions have been liquidated, the majority of which are long bets. This suggests that bullish leverage continues to reduce.
- However, open interest (OI) in ZEC, BTC, SOL, and DOGE futures has increased, while XRP, ETH, ASTER, and AVAX have seen capital outflows.
- Annualized funding rates on TRX and ZEC perpetual securities remain negative, indicating a bias toward short positions. The rest of the main cryptocurrencies are registering slightly positive rates.
- On the CME, the OI in bitcoin futures has fallen to 133.25K, the lowest level since late September. Overall positioning remains light, with the figure well below the December 2024 high of over 200,000 BTC.
- ETH’s CME OI drop has stalled near 2 million ETH, down from the record high of 2.63 million at the end of October.
- At Deribit, call spreads and chokes have dominated block flows. One big trade included the $90,000 put option expiring on November 28. In the case of ETH, put spreads accounted for 43% of the 24-hour block flow.
symbolic talk
By Oliver Knight
- The altcoin market gave back much of Wednesday’s gains over the past 24 hours as ether fell 3.4%, dragging several other tokens with it.
- CoinMarketCap’s “altcoin season” indicator fell five points to 26/100 while bitcoin held steady. The CoinDesk 20 Index (CD20) recorded a drop of 0.66%.
- There were some outliers in the market’s downtrend, notably rose more than 10% in the period as it staged a technical breakout, while zcash extended its two-month rise with a gain of 8.7%.
- The foundation’s founder, Jesse Pollak, said he planned to issue a token on Thursday with the symbol JESSE. The move attracted skepticism because Pollak had previously shared a series of “content tokens,” which quickly lost value after being revealed.
- “Content coins track short-term attention, creator coins track long-term content,” Pollak wrote on X in response to concerns. “The combined value creates a flywheel that returns ownership, control and benefits to the creators and their followers. With $jesse, my flywheel will be complete.”
- Memecoins and viral tokens, of which JESSE could be considered an example, have underperformed the broader market in recent months. The CoinDesk Memecoin Index (CDMEME) has fallen more than 40% since September, while the CoinDesk20 is down around 30% in the same period.
