Bitcoin the price has changed little over the past 24 hours despite a wave of selling pressure on several 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 increase in supply level, with BTC trading volume increasing by 5% to $81 billion.
The altcoin market has underperformed bitcoin. Ether fell 3.4% alongside several other tokens, some of which, including Canton (CC), fell more than 10%.
Positioning of derivative products
- More than $600 million in leveraged cryptocurrency futures positions were liquidated in the past 24 hours, with the majority being long bets. This suggests that bullish leverage continues to ease.
- Yet, open interest (OI) in ZEC, BTC, SOL, and DOGE futures increased, while XRP, ETH, ASTER, AVAX saw outflows.
- Annualized funding rates for TRX and ZEC perpetuals remain negative, indicating a bias toward short selling. The other major cryptocurrencies are experiencing slightly positive rates.
- On the CME, Bitcoin futures OI fell to 133.25K, the lowest since late September. Overall positioning remains light, with the total well below the December 2024 high of over 200,000 BTC.
- The decline in ETH’s CME OI stopped at nearly 2 million ETH, down from the record high of 2.63 million in late October.
- On Deribit, call spreads and strangles dominated block flows. One large transaction featured 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 discussion
By Olivier Knight
- The altcoin market gave up much of Wednesday’s gains over the past 24 hours in the form of ether. slipped 3.4%, taking several other tokens with it.
- CoinMarketCap’s “altcoin season” indicator fell five points to 26/100, with bitcoin remaining stable. The CoinDesk 20 Index (CD20) showed a decline of 0.66%.
- There have been a few outliers in the market downtrend, particularly rose more than 10% during the period due to a technical breakout, while zcash extended its rise by two months with a gain of 8.7%.
- The foundation’s founder, Jesse Pollak, said he plans to issue a token on Thursday under the symbol JESSE. The move was met with skepticism because Pollak had already shared a number of “content tokens,” all of which quickly lost value after being exposed.
- “Content pieces follow short-term attention, creator pieces follow long-term content,” Pollak wrote on X in response to concerns. “The value combined together creates a flywheel that puts ownership, control and benefit back in the hands of creators and their subscribers. 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 about 30% over the same period.
