Crypto Markets Today: Bitcoin Slips to $121.5K as Dollar Strengthens; Binance Unveils ‘Meme Rush’

BTC reversed the Wednesday bounce with a driblet to $121,500 aboriginal Thursday alongside flat-to-negative enactment successful the European equity markets and persistemt spot successful the U.S. dollar.

Jamie Dimon, main enforcement of JP Morgan, warned of a large banal marketplace correction successful the coming months.

Meanwhile, Arhur Hayes, main concern serviceman astatine Maelstrom Fund said that bitcoin's four-year halving cycles are dormant and the impending fiat liquidity deluge crossed the precocious satellite volition proceed to grease the crypto bull market.

"The planetary liquidity rhythm is intelligibly turning. Central banks are softly transitioning from tightening to easing, with complaint markets present pricing 90% likelihood of a Fed chopped successful October and different successful December. In Europe, the ECB’s equilibrium expanse has expanded for the archetypal clip successful 8 months, and China’s PBoC injected a grounds 1.2 trillion yuan successful liquidity past week to enactment recognition markets," Timothy Misir, caput of probe astatine BRN said successful an email.

This benignant of macro situation has historically fueled risk-asset outperformance and bitcoin bull cycles, Misir added.

Derivatives Positioning

By Omkar Godbole

• AVAX, ASTER, PUMP and XPL pb the diminution successful futures unfastened involvement successful the past 24 hours. OI successful BTC and ETH has dropped by 1% and 3%, respectively. These superior outflows apt stem from nett taking connected longs.
• OI successful USDT and USD-denominated BNB perpetuals listed connected large exchanges continues to hover beneath its September peak, diverging bearishly from the rising spot price.
• Annualized perpetual backing rates proceed to hover astatine oregon beneath 10% for astir large tokens, a motion that the marketplace remains steadfast without immoderate signs of froth.
• On the CME, positioning remains elevated successful ether futures comparative to bitcoin. OI successful SOL futures hovers astatine a grounds precocious supra 9 cardinal SOL, with premiums falling to 13%, the lowest since aboriginal September.
• On Deribit, the communicative remains the same: BTC, ETH puts proceed to commercialized astatine a premium to calls retired to the December extremity expiry. Block flows implicit Paradigm featured hazard reversals.

Token Talk

By Oliver Knight

• Crypto speech Binance has introduced Meme Rush, a level designed for users to capitalize connected a question of Chinese-language memecoins.
• The level taps straight into the memecoin craze by embedding early-stage meme token curation and trading wrong its Wallet.
• It sources listings via assemblage motorboat hubs (for illustration Four.Meme connected BNB Chain), ranking by some on-chain measurement and societal traction, letting Binance seizure speculative involvement pre-DEX listing.
• Its built-in reward mechanics (4× Binance Alpha points) align idiosyncratic enactment with monetization. The roar successful Chinese-language memecoin projects connected BNB Chain is amplifying hype and driving attraction crossed the ecosystem.
• On PancakeSwap v2, regular trading measurement precocious deed $15.55 billion, according to CoinMarketCap, underscoring however progressive DEX memecoin markets remain.
• The bulk of measurement has taken spot connected lesser known memecoins similar 币安Holder, which racked up astir $1 cardinal successful measurement crossed 163,000 transactions.