Bitcoin (BTC) has rebounded the first Asian session hollows nearly $ 108,760 to more than $ 110,000, but the prospects for sustained recovery seem dark because a chain activity indicates a low adoption of the network.
“The price of the prices is weakening with the RSI near the surveillance area and a lower macD,” said Timothy Misir, research manager, BRN. “The CVD Spot at – 199 million dollars shows that sellers control the punctual volume signaling a lack of demand. Conversely, daily active addresses fell to 692K (below the low band), signaling the lower participation of the network.”
The wider market remains under pressure with the Coindesk 20 and Coindesk 80 indices down 2% and 1.7% on a 24 -hour basis.
Positioning of derivatives
- LEVER Crypto Taurus have been burned, with betting on a value of $ 940 million liquidated in the last 24 hours. More than $ 800 million were long positions in Paris on price gains. Ether alone represented $ 320 million in liquidations.
- However, the overall open interest (OI) in BTC remains high in summits roughly above 740K BTC. In the case of Ether, the OC is fell to 14 million ethn of 14.60 million Eth.
- OI in Sol, XRP, DOGE, ADA and Link have also dropped in the past 24 hours, indicating net capital outings.
- Despite price volatility, the financing rates of most major tokens, excluding SHIB, ADA and SOL, remain positive to suggest the domination of the long increased positions.
- The OI in the standard BTC contracts of CME fell to 137.3K 145.2K, overthrowing the minor rebound at the beginning of the month. It shows that the institutional interest in negotiating these regulated derivatives remains low. The oi in the options, however, continued to increase, reaching its highest since the end of May,
- The future ETHER of CME remains high at 2.05 million ETH, a little less from the record of 2.15 million ETH on August 22. Meanwhile, OI in Ether Options has now been at its highest level since September of last year.
- Drilling, the imminent expiration of several billion dollars of several dollars shows a bias towards the BTC, indicating the price concerns that should drop. The imminent ether expiration paints a more balanced image.
- The flows on the PARADIGM OTC desktop have been mixed, with strategies such as purchases and spreats purely and spreats in BTC, as well as calls and risk inversions in ETH.
Talk about tokens
- The blue chip NFT collections have been faced with steep weekly losses while the ether (ETH) fell from record peaks, wiping more than 10% of the value of most of the main projects.
- Fatty penguinsThe main collection in volume of negotiations, dropped by 17% to a floor of 10.32 ETH, showing that even the strongest liquidity magnet in the sector could not escape the slowdown.
- BORED APE YACHT Club (BAYC) lost 14.7% at 9.59 ETH, while Doodle Recorded one of the strongest corrections, lowering 18.9% to 0.73 ETH.
- Secondary projects have also dropped: Moon birds has dropped by 10.5%, and Lil Pudgys lost 14.6%, reflecting the way in which price pressure was in cascade in the flagship and derivative collections.
- Cryptopunks The most resilient, losing only 1.35% was proven to be during the week, stressing its status of defensive market reference when the risk appetite collapses.
- Despite the lower floors, commercial activity has remained high. The fatty penguins saw 2,112 ETH ($ 9.36 million) in weekly volume, followed by Moonbirds (1,979 ETH), cryptopunks (1,879 ETH) and Bayc (809 ETH).
- The overall NFT market capitalization decreased by almost 5% to 7.7 billion dollars, against a peak of $ 9.3 billion on August 13. The withdrawal of $ 1.6 billion highlights the speed with which capital runs away when the ETH appears.
- The net contrast between resilient cryptopunks and more recent collections reinforces its call as a collateral intake. Its liquidity holds even if wider nft soils collapse.
- For investors, the sale indicates that NFT Blue Chips remain high eth eths proxys, with only inherited projects like cryptopunks showing the defensive value which makes it the long -term institutional bet.
