How would a market that refuse to rally sustainable on the back of positive catalysts would it be called? A weakness, probably.
Looking under the hood, there is more than one catalyst that stimulates the volatility of this market.
Bitcoin (BTC) returned roughly to what he was before the president of the Fed, Jerome Powell, spoke punctually on Friday. More losses could be in the pipeline if the support almost $ 107,500 gives in, indicate the technical graphics.
Meanwhile, the market flows of points and options indicate a rotation in Bitcoin ether.
“The domination of the BTC increased from 60% to 57% on rotation. Although still above the levels of less than 50% of the season of Altcoin 2021, the positioning feeds the discussions that the whales expect ETH to surpass support”, if the QCP capital based in Singapore has indicated its daily update in its daily update.
Positioning of derivatives
- The interests open to BTC and Hype have increased by 1% and 3%, respectively, in the last 24 hours, cutting the wider trend of the outputs observed in other Top 10 tokens.
- The cumulative open interest in the USD and the perpetual future denominated by the USDT through the main exchanges such as Binance, Bybit, OKX, Deribit and Hyperliquid remained flat on Friday despite the price rally. However, since then, an open interest has increased from around 260,000 BTC to 282,000 BTC, indicating a feeling of “selling rally” among traders.
- The opposite is the case on the ether market, where the OI checked above during the rally on Friday and withdrew with the withdrawal of prices. This scheme suggests a temporary break in the bullish momentum rather than the creation of new short positions, indicating a bull’s herbal snifter rather than a transition to the lowering feeling.
- Speaking of financing rates, with the exception of ADA, most tokens see positive rates, indicating a net bias for long upward positions.
- Altcoin Futors OI exploded more than $ 9.2 billion in a single day on Friday, pushing the total combined in total to a new summit of $ 61.7 billion. “Such fast entries highlight how altcoins are increasingly stimulating the lever effect, volatility and fragility on digital asset markets,” said Glassnode.
- Friday, on the CME, an open interest in the Ether options reached a notional record of more than a billion dollars. This follows a record number of major holders on the term market at the beginning of the month. Ether Futures OI has reached a new higher 2 million eth.
- Open notional interest in BTC options reached $ 4.85 billion, the highest since April, because the term activity has remained moderate.
- On Deribit, the BTC options continued to show a bias for the expiration of December, contradicting the post-power bullish feeling on the market. In the case of Ether, calls exchanged a slight bonus.
Talk about tokens
- Hyperliquid has hit a new 24 -hour punctual volume of $ 3.4 billion, fueled by increasing BTC and ETH and negotiation deposits via hyperunit.
- This peak has positioned the hyperliquid as the second place for the BTC Spot trading, on centralized and decentralized platforms, with $ 1.5 billion in BTC volume alone.
- These volume steps improve the attraction of hyperliquid by proving its ability to manage the command flow on an institutional scale.
- The architecture of the platform – Built on the hypercore (layer – 1 with hyperbft consensus) and hyperevm – offers a finality of a second, high speed and EVM compatibility, which makes it very attractive for high frequency merchants and DEFI manufacturers.
- Its growing volume, in particular on BTC cash markets, reinforces the proposal for a hyperliquid value as a liquidity layer in DEFI, strengthening its “liquidity AWS” thesis caused by the performance and the depth of the infrastructure.
- Spot growth completes its perpetual domination – where the platform already captures 60 to 70% of the DEX market share, providing more chain income than even Ethereum.
- The high volume is reflected in real advantages for media threshing holders – its advantages of tokens of regular redemptions funded by the negotiation costs flows via its assistance fund, linking the use directly from the platform to the value of the long -term tokens.
Read more: This is why Bitcoin Flash crash can report the Altcoin season: Crypto Daybook America
