BTC reversed Wednesday’s rebound with a drop to $121,500 early Thursday, alongside flat-to-negative action in European stock markets and continued strength in the U.S. dollar.
Jamie Dimon, chief executive of JP Morgan, has 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 looming deluge of fiat liquidity in the advanced world will continue to grease the crypto bull market.
“The global liquidity cycle is clearly changing. Central banks are quietly moving from tightening to easing, with rate markets now pricing in a 90% chance of a Fed cut in October and another in December. In Europe, the ECB’s balance sheet expanded for the first time in eight months, and China’s PBoC injected a record 1.2 trillion yuan of liquidity last week to support credit markets,” Timothy Misir, head of research at BRN, said in an email.
This type of macroeconomic environment has historically fueled the outperformance of risk assets and bitcoin bull cycles, Misir added.
Positioning of derivative products
By Omkar Godbole
- AVAX, ASTER, PUMP and XPL are behind the decline in futures open interest over the last 24 hours. The OI in BTC and ETH fell by 1% and 3%, respectively. These capital outflows probably come from taking profits on long positions.
- OI in USDT and USD-denominated perpetual BNB listed on major exchanges continues to hover below its September high, deviating bearishly from the rising spot price.
- Annualized perpetual funding rates continue to hover around 10% or below for most major tokens, a sign that the market remains healthy, with no signs of froth.
- On the CME, positioning remains high on ether futures versus bitcoin. OI on SOL futures is hovering at a record high above 9 million SOL, with premiums falling to 13%, the lowest since early September.
- On Deribit, the story remains the same: BTC and ETH continue to trade at a higher price than the calls until the end of December expiration. Block flows on Paradigm had risk reversals.
Symbolic discussion
By Olivier Knight
- Crypto exchange Binance has introduced Meme Rush, a platform designed to allow users to capitalize on a wave of Chinese-language memecoins.
- The platform directly taps into the memecoin craze by integrating early-stage meme token custody and trading into its wallet.
- It obtains listings through community launch centers (e.g. Four.Meme on BNB Chain), ranking them based on both on-chain volume and social traction, allowing Binance to capture speculative interest ahead of the DEX listing.
- Its built-in reward mechanisms (4 × Binance Alpha Points) align user activity with monetization. The rise of Chinese-language memecoin projects on BNB Chain is amplifying the hype and attracting attention across the ecosystem.
- On PancakeSwap v2, daily trading volume recently reached $15.55 billion, according to CoinMarketCap, highlighting how active the memecoin DEX markets remain.
- The majority of volume took place on lesser-known memecoins like 币安Holder, which accumulated approximately $1 billion in volume across 163,000 transactions.
