Bitcoin (BTC) is bouncing from early Asian-sessions near $ 108,760 to more than $ 110,000, but prolonged recovery prospects appear to be bloody as on-chain activity on weak network adoption.
“The price momentum has weakened the RSI near the oversold zone and a Bearish MacD,” said Timothy Misir, head of research, Brn. “The CVD area at -$ 199 million shows that sellers have control over the volume of the area that signed a lack of demand bid. In contrast, the sun -active addresses fell to 692k (below the low band), which signed a weaker network participation.”
The wider market remains under pressure along with CoinDesk 20 and CoinDesk 80 index down 2% and 1.7% on a 24 -hour basis.
Derivatives positioning
- Leveraged crypto bulls were burned, with futures bet worth $ 940 million liquid over the past 24 hours. More than $ 800 million has a long position to bet on prices. Ether only costs $ 320 million in liquids.
- However, the general open interest (OI) in BTC remains raised near lives high at 740K BTC. In Ether’s case, the OI returned to 14 million ETHs from 14.60 million ETH.
- Oi in Sol, XRP, Doge, ADA, and Link has also dropped in the past 24 hours, indicating net capital outflows.
- Despite the price volatility, funding rates for most major tokens, excluding Shib, ADA and Sol, remain positive to suggest dominance of bullish positions.
- The OI at the CME standard fell to 137.3k from 145.2k, reversing the minor bounce from this early month. It shows that the institutional interest in the trade of these regulated derivatives remains low. The Oi in options, however, continues to rise, reaching the highest since late May,
- The Ether Futures of the CME OI remain up to 2.05 million ETH, shy only at a record of 2.15 million ETH on August 22. Meanwhile, the OI in Ether options has been at the highest since September of last year.
- In the derivit, the upcoming multibillion-dollar expiration on Friday shows a bias towards the BTC’s place, indicating concerns that prices are set to go down. The upcoming ether’s expiry paints a more balanced picture.
- The Flows on the OTC desk in the paradigm are mixed -halong, featuring techniques such as putting the purchase directly and putting the BTC spread, as well as calls and risks reversed in ETH.
Token talk
- Blue-chip NFT collections face steep weekly losses while Ether (ETH) is pulled from record highs, which wiped over 10% off the value of most top projects.
- Pudgy Penguins.
- Bored Ape Yacht Club (Bayc) Lost 14.7% to 9.59 eth, while Doodles One of the sharp corrections was recorded, which drops 18.9% to 0.73 ETH.
- Second projects have also collapsed: Moonbirds fell 10.5%, and Lil pudgys Pouring 14.6%, reflecting how the price pressure was cascaded on both flagship and derivative collections.
- Cryptopunks It has been proven to be the most elastic, only 1.35% of the week, emphasizing its status as a defensive market benchmark when the appetite collapses.
- Despite the lower floor, the trading activity remained high. Pudgy Penguins saw 2,112 ETHs ($ 9.36 million) in the weekly volume, followed by Moonbirds (1,979 ETH), cryptopunks (1,879 ETH), and BayC (809 ETH).
- The NFT’s general market capital retreats almost 5% to $ 7.7 billion, from a $ 9.3 billion peak on August 13. The $ 1.6 billion drawdown features how fast the capital is when the ETH falls.
- The sharp contrast between the elastic cryptopunks and the slipping of newer collections strengthens its appeal as a collateral asset. Its liquidity holds even more widely collapsed by NFT floors.
- For investors, the seller’s signs that NFT Blue Chips remain high-beta ETH proxies, with only legacy projects such as cryptopunks showing defensive value that make the long-term institutional stakes safer.
