Crypto Markets Today: Bitcoin Price Remains Under Pressure

Bitcoin (BTC) has bounced from aboriginal Asian-session lows adjacent $108,760 to implicit $110,000, but the prospects of sustained betterment look bleak arsenic on-chain enactment points to anemic web adoption.

"The terms momentum is weakening with the RSI adjacent to the oversold portion and a bearish MACD," said Timothy Misir, caput of research, BRN. "The Spot CVD astatine –$199 cardinal shows that sellers are successful power with spot measurement signaling a deficiency of request bid. Conversely, Daily Active Addresses fell to 692K (below the debased band), signaling weaker web participation."

The broader marketplace remains nether unit with the CoinDesk 20 and CoinDesk 80 indices down 2% and 1.7% connected a 24-hour basis.

Derivatives Positioning

• Leveraged crypto bulls person been burned, with futures bets worthy $940 cardinal liquidated successful the past 24 hours. More than $800 cardinal were agelong positions betting connected terms gains. Ether unsocial accounted for $320 cardinal successful liquidations.
• Still, wide unfastened involvement (OI) successful BTC remains elevated adjacent beingness highs supra 740K BTC. In ether's case, the OI has pulled backmost to 14 cardinal ETH from 14.60 cardinal ETH.
• OI successful SOL, XRP, DOGE, ADA, and LINK besides dropped successful the past 24 hours, indicating nett superior outflows.
• Despite the terms volatility, backing rates for astir large tokens, excluding SHIB, ADA and SOL, remains affirmative to suggest dominance of bullish agelong positions.
• OI successful the CME-listed modular BTC futures has fallen backmost to 137.3K from 145.2K, reversing the insignificant bounce from aboriginal this month. It shows that organization involvement successful trading these regulated derivatives remains low. OI successful options, however, has continued to increase, reaching its highest since precocious May,
• CME's ether futures OI remains elevated astatine 2.05 cardinal ETH, conscionable shy of the grounds 2.15 cardinal ETH connected Aug. 22. Meanwhile, OI successful ether options is present astatine its highest since September past year.
• On Deribit, the impending multibillion-dollar expiry connected Friday shows a bias towards BTC puts, indicative of concerns prices are acceptable to driblet further. The impending ether expiry paints a much balanced picture.
• Flows connected the OTC table astatine Paradigm person been mixed, featuring strategies specified arsenic outright enactment buying and enactment spreads successful BTC, arsenic good arsenic calls and hazard reversals successful ETH.

Token Talk

• Blue-chip NFT collections faced steep play losses arsenic ether (ETH) pulled backmost from grounds highs, wiping much than 10% disconnected the worth of astir apical projects.
• Pudgy Penguins, the starring postulation by trading volume, dropped 17% to a 10.32 ETH floor, showing that adjacent the sector’s strongest liquidity magnet couldn’t flight the downturn.
• Bored Ape Yacht Club (BAYC) mislaid 14.7% to 9.59 ETH, portion Doodles recorded 1 of the sharpest corrections, falling 18.9% to 0.73 ETH.
• Secondary projects besides slumped: Moonbirds fell 10.5%, and Lil Pudgys shed 14.6%, reflecting however terms unit cascaded crossed some flagship and derivative collections.
• CryptoPunks proved astir resilient, losing conscionable 1.35% implicit the week, underscoring its presumption arsenic the market’s antiaircraft benchmark erstwhile hazard appetite collapses.
• Despite little floors, trading enactment stayed high. Pudgy Penguins saw 2,112 ETH ($9.36 million) successful play volume, followed by Moonbirds (1,979 ETH), CryptoPunks (1,879 ETH), and BAYC (809 ETH).
• Overall NFT marketplace capitalization shrank astir 5% to $7.7 billion, down from a $9.3 cardinal highest connected Aug. 13. The $1.6 cardinal drawdown highlights however rapidly superior flees erstwhile ETH slumps.
• The crisp opposition betwixt resilient CryptoPunks and sliding newer collections strengthens its entreaty arsenic a collateral asset. Its liquidity holds up adjacent arsenic broader NFT floors collapse.
• For investors, the sell-off signals that NFT bluish chips stay high-beta ETH proxies, with lone bequest projects similar CryptoPunks showing the antiaircraft worth that makes them the safer semipermanent organization bet.