6 hours ago
Bitcoin has bounced to implicit $121,000 from overnight lows nether $120,000 alongside crisp gains successful privateness coins specified arsenic ZEC and DASH.
Traders connected decentralized exchanges continued to thin bullish, preferring out-of-the-money higher onslaught BTC and ETH calls. Most analysts retained constructive bias.
"The marketplace is coiling astatine elevated levels, calm, liquid, and softly bullish. Institutional flows stay the backbone of this phase, with ETFs acting arsenic the liquidity span betwixt accepted and integer finance. Despite short-term chop, the macro liquidity wave, firm adoption, and structural inflows each reason for continuation," Timothy Misir, caput of probe astatine BRN, said.
Derivatives Positioning
By Omkar Godbole
- Data from Coinglass shows that galore BTC perpetual abbreviated positions look the hazard of liquidation supra $121,600. So, a sustained determination supra the said level could trigger a abbreviated squeeze, starring to a speedy rally toward grounds highs.
- The marketplace is undergoing a leverage reset, with volatility flushing retired excess positioning connected some sides, Glassnode said. Still, the wide positioning successful the planetary BTC futures marketplace remains elevated, with unfastened involvement conscionable shy of the grounds 755K BTC.
- BNB, XRP, ADA, and TRX person seen a driblet successful futures unfastened involvement (OI) successful the past 24 hours, indicating superior outflows. BTC's OI has risen by 1%, with ETH up conscionable 0.4%.
- The XMR marketplace is looking a spot overheated, with annualized backing rates nearing 60%, a motion of frenzied request for bullish bets. Funding rates for different large tokens, including BTC and ETH, overgarment a bullish picture, but thing retired of the ordinary.
- On decentralized speech Derive, unfastened involvement successful the Oct. 31 expiry options is concentrated successful calls astatine strikes $128K and $145K, reflecting a bullish bias. ETH options enactment is arsenic bullish, with OI concentrated successful $5K and $6K calls.
- On Deribit, however, the call-put skew for BTC and ETH remains mildly antagonistic crossed timeframes, reflecting a bias for protective puts. Block flows connected Paradigm featured ETH puts and straddles.
Token Talk
By Oliver Knight
- The caller Chinese memecoin frenzy which sent tokens similar GIGGLE, 四, and 哈基米 connected PancakeSwap V2 soaring, has abruptly fizzled out.
- Within 24 hours, galore of these assets mislaid much than 95% of their value, wiping retired speculative gains built connected hype and societal momentum.
- The clang coincided with a broader memecoin marketplace downturn that Binance laminitis Changpeng “CZ” Zhao described arsenic a “blood bath,” fueled by FUD and mendacious rumors astir token listings.
- The plunge comes aft Binance rolled retired its "Meme Rush" level that was expected to supply a structured way for tokens earlier being tradable connected assorted decentralized and centralized exchanges.
- However, overmuch similar however Solana memecoins faded successful February pursuing the motorboat of TRUMP and MELANIA, BNB Chain memes look to beryllium pursuing the aforesaid way to demise.
- Pancake Swap trading measurement has remained inflated astatine $18 bilion implicit the past 24 hours, with a fistful of newly-launched tokens catching a bid, though it's worthy noting that liquidity remains comparatively low; with wrapped bnb (WBNB) having conscionable $35 cardinal worthy of liquidity compared to a afloat diluted worth of $1.6 billion.
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