The crypto market began establishing a support level on Thursday after a turbulent few weeks.
Bitcoin and ether posted slight gains; up 1.6% and 1.1% respectively, and tokens including BNB and SOL showed even larger upward movements.
The star of the show was which soared 12% after HyperLiquid Strategies announced plans to raise $1 billion in order to purchase the token.
Thursday’s relative lack of volatility compared to price action over the past few weeks is also reflected in derivatives data, with funding rates hovering around zero.
Positioning of derivative products
By Omkar Godbole
- Open interest (OI) on HYPE futures surged 17% in 24 hours, reaching a two-week high of 40.24 million HYPE. Occurring alongside rising prices and positive funding rates, this increase indicates growing demand for leveraged bullish exposure.
- The OI in BTC and ETH barely changed, a sign that traders are reluctant to place bets ahead of Friday’s US CPI release.
- Volmex’s BVIV, which measures BTC’s 30-day annualized implied volatility, has retreated slightly to 50% but remains well above the September low of 35%. This high level reflects ongoing concerns about new risks such as automatic deleveraging and liquidity issues.
- Funding rates for major cryptocurrencies continue to hover near zero, a sign of balanced market conditions. XMR and BNB rates are slightly negative, indicating a bias for bearish short positions.
- On Deribit, feeds featured BTC sell spreads. Overall, puts continue to trade at a premium to calls.
Symbolic discussion
By Francisco Rodrigues
- Jupiter’s native token JUP is up more than 3% in the past 24 hours after the decentralized exchange recorded strong growth across key trading metrics in the third quarter.
- The Solana-based project is also looking to launch its own stablecoin and prediction marketplace.
- Quarterly revenue rose 19.2% to $45.8 million, while trading volume, driven by spot and perpetual products, jumped 71% to $242.8 billion.
- Fees generated reached $121.5 million, up nearly 48% from the second quarter. Despite this growth, JUP’s market capitalization fell slightly by 1.5% to $1.35 billion.
- Jupiter attributed this growth to the rollout 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 Index (CD20).
