Crypto markets today: The Bitcoin Dominance Slip while Hyperliquid volume is emerging at $ 3.4B
What to do A market that refuses to rally that goes behind the positive catalysts will be called? A weak, maybe.
Looking under the hood, there is more than one single catalyst that drives volatility of this market.
Bitcoin (BTC) retreated back to almost where it was before Fed Chairman Jerome Powell spoke violently on Friday. More losses may be in the pipeline if support close to $ 107,500 gives way to the technical charts.
Meanwhile, market areas and market flows are flowing in an ether twist from Bitcoin.
“BTC’s dominance has slipped from 60% to 57% in rotation. While still above the SUB-50% of the 2021 Altcoin season, the positioning feeds the conversation that whales are expected to miss the ETH based on QCP capital in daily market updates.
Derivatives positioning
- The BTC and Hype’s Global Futures Open Interest increased by 1% and 3%, respectively, in the past 24 hours, ignoring the broader trend of flowering observed in the other top 10 tokens.
- The Cumulative Open interest in USD and USDT-denominated perpetual futures throughout the leading exchanges such as Binance, Bybit, OKX, deribit, and hyperliquid remained flat on Friday despite the price rally. However, since then, open interest has increased from approximately 260,000 BTC to 282,000 BTC, indicating a “sell at rally” emotions to entrepreneurs.
- The opposite is the case with the Ether Market, where the OI is ticked higher at Friday’s rally and retreats to pullback prices. This pattern suggests a temporary pause in bullish momentum rather than establishing new short positions, indicating a bullish breather rather than a move towards emotion.
- Speaking of funding rates, other than ADA, most tokens see positive rates, indicating a net bias for long bullish positions.
- Altcoin Futures OI exploded more than $ 9.2 billion on a single day on Friday, pushing the combined total tally to a new high $ 61.7 billion. “Such a fast -flowering features how altcoins are driving action, volatility, and destruction in digital asset markets,” Glassnode said.
- In CME, the open interest in Ether options hits a notional record of over $ 1 billion on Friday. It follows a number of large holders in the futures market early this month. Ether futures oi hit a new high of more than 2 million ET.
- Notal open interests in BTC options rose to $ 4.85 billion, the highest since April, as futures activity remained covered.
- In the derivit, the BTC options have continued to present a bias for release in December expiration, opposed to post-powell bullish sentiment on the market. In Ether’s case, the calls were exchanged with a slight premium.
Token talk
- Hyperliquid struck a new 24-hour ATH volume area of $ 3.4B, which was powered by BTC and ETH deposit surging and trading by hyperunit.
- This spike is positioned by Hyperliquid as the second largest area for the BTC trading area, across both centralized and decentralized platforms, with $ 1.5B in the volume of BTC only.
- Such volume of milestones improves hyperliquid appeal by verifying the ability to handle the institutional scale flow.
- Platform architecture-developed in Hypercore (Layer-1 with Hyperbft Consensus) and Hyperevm-Delivering sub-second end, high-throughput, and compatibility of EVM, making it very attractive to both high-frequency and defi builders entrepreneurs.
- Its growing volume, especially in BTC area markets, boosts the proposal of hyperliquid as a layer of liquidity in the defi, strengthens the “aws of liquidity” thesis driven by the performance and depth of infrastructure.
- Spot growth fits its lifelong dominance-where the platform captures 60-70% of the DEX market sharing, delivering more revenue to the chain than the Ethereum.
- The high volume of the area translates to real benefits for hype holders-the benefits of the token from regular purchases funded by trade fees by its help fund, tying the use of the platform directly to the long-term cost of the token.
Read more: Here’s why Bitcoin’s Flash Crashing can signal Altcoin Season: Crypto Daybook Americas
