The cryptocurrency market began to establish a support level on Thursday after a turbulent couple of weeks.
bitcoin and ether posted slight gains; rising by 1.6% and 1.1% respectively, with tokens including BNB and SOL recording even larger bullish moves.
The star of the show was which rose 12% after HyperLiquid Strategies said it is looking to raise $1 billion to purchase the token.
The relative lack of volatility on Thursday compared to price developments in recent weeks is also reflected in the derivatives data, with funding rates hovering around zero.
Derivatives positioning
By Omkar Godbole
- Open interest (OI) in HYPE futures increased by 17% in 24 hours, reaching a two-week high of 40.24 million HYPE. The rise, which comes alongside a rising price and positive funding rates, indicates growing demand for leveraged bullish exposure.
- The OI in BTC and ETH is little changed, a sign that traders are reluctant to place bets ahead of Friday’s US CPI release.
- Volmex’s BVIV, which measures 30-day annualized implied volatility in BTC, has retreated slightly to 50%, but remains well above September’s low of 35%. The elevated level reflects lingering concerns arising from new risks such as automatic deleveraging and liquidity issues.
- Funding rates for major cryptocurrencies continue to hover near zero, in a sign of balanced market conditions. The rates of XMR and BNB are slightly negative, indicating a bias towards bearish short positions.
- In Deribit, the flows presented BTC sales differentials. In general, put options continue to trade at a premium to call options.
symbolic talk
By Francisco RodrÃguez
- Jupiter’s native token JUP is up more than 3% in the past 24 hours after the decentralized exchange posted strong growth in key trading metrics in the third quarter.
- The Solana-based project is also pushing to launch its own prediction market and stablecoin.
- Quarterly revenue rose 19.2% to $45.8 million, while trading volume, driven by spot and perpetual products, rose 71% to $242.8 billion.
- The fees generated reached $121.5 million, almost 48% more than in the second quarter. Despite the growth, JUP’s market capitalization fell 1.5% to $1.35 billion.
- Jupiter attributed the growth to the launch of new products, including its Ultra v3 trading engine and a lending protocol that the team says is one of the fastest growing on Solana. Active wallets increased 5% to 8.4 million, and total value locked (TVL) increased 41.7% to $3.4 billion.
- JUP outperformed the broader crypto market, which rose 1.6% based on the performance of the CoinDesk 20 (CD20) index.
