Markets Today: OKB, FART Surge as Ether Races Toward Record Highs

The crypto marketplace was a oversea of greenish aboriginal Wednesday, with altcoins including OKB, PUMP, BNSOL, JITOSOL and SOL chalking retired double-digit gains alongside ether's accelerated surge toward grounds highs.

"Bitcoin roseate by a humble 0.4% during the time and remains 2% beneath the levels of 30 days agone — wide grounds of the market's power to altcoin-mode," Alex Kuptsikevich, the main marketplace expert astatine the FxPro said.

"We fishy that investors are selling the archetypal cryptocurrency to concern purchases of altcoins. And it is hardly tenable to speech astir a reversal successful sentiment, fixed the rally successful altcoins and the historical highs of the S&P 500 and Nikkei 225," helium said.

Derivatives Positioning

• Ether's (ETH) terms emergence is accompanied by caller superior inflows into CME-listed futures, wherever unfastened involvement successful modular contracts sized astatine 50 ETH has accrued to 1.85 cardinal ETH, up from 1.5 cardinal ETH conscionable implicit a week ago.
• Traders look to beryllium positioning for an upside arsenic the annualized three-month ground has topped 10%. In bitcoin's (BTC) case, CME ground remains adjacent 7.5%.
• The altcoin marketplace shows nary signs of overheating contempt ether surging toward grounds highs. That's evident from perpetual backing rates connected offshore exchanges, which stay pinned adjacent annualized 10% for astir large tokens.
• Open involvement successful privacy-focused Monero (XMR) roseate to the highest level since December, arsenic the token's terms dropped to $245, the lowest since April. The information bespeak that traders sold the rally to nett from the terms drop.
• On Deribit, ether traders chased calls astatine onslaught $5,000 and higher successful a motion of bullish marketplace sentiment. ETH calls traded astatine a premium comparative to puts crossed each tenors. Still, ether's 30-day implied volatility index, ETH DVOL, remained pinned successful caller ranges astir 70%.
• BTC's implied volatility besides remained comparatively steady. Flows connected the OTC web Paradigm featured request for higher-strike OTM calls, peculiarly the $ 160,000 strike.

Token Talk

• OKB surged to a grounds $142 (+200%) aft OKX announced a permanent proviso cut to 21M tokens — 1 of the largest successful its past — alongside a “PP upgrade” to its Polygon-powered X Layer chain.
• The upgrade boosts throughput to 5,000 TPS, cuts state fees to adjacent zero and adds gasless USDT withdrawals.
• OKX volition besides decommission OKTChain, halting OKT trading connected Aug. 13 and converting balances to OKB from Aug. 15.
• Eden Network is shutting down each services, including Eden RPC and Bundles, citing unprofitable contention successful the MEV relay and block-building space.
• Starting successful 2021 to optimize MEV gross for miners and validators, Eden saw aboriginal occurrence but mislaid crushed post-Merge arsenic the marketplace consolidated astir a fewer operators.
• FARTCOIN rose 17% arsenic whale wallets with $1M+ successful holdings accrued proviso by 2% implicit 24 hours, portion “smart money” addresses boosted holdings by 3%.
• MACD momentum connected the regular illustration is bullish, with the token eyeing a breakout supra $1.74 if buying persists. Key enactment sits astatine $0.74 if momentum fades.