Cryptocurrencies struggle to mirrors the moves that move in equality and precious metals on Wednesday, with BTC posting a modest gain while trading at $ 112,000, the lower part of its range.
The Altcoins performed even worse as the fet dropped 6.2% after the Ocean Protocol decided to leave the ASI Alliance and it was reported to be offloading its tokens to Binance. There was also a 10% decline for MYX and a 4% move on the downside for the cake as the “Altcoin season” index on CoinmarketCap fell to 38/100, even at 67/100 earlier this month.
Derivatives positioning
- XPL, Aster, SUI, and Link have experienced a well -known increase in futures open interest, while the top 10 tokens show a mix of performance in general.
- A whale address, labeled 0xc2A3, opened a 5x short on BTC worth $ 140 million in hyperliquid.
- The BTC Futures Open Interest in Binance jumped $ 510 million during Asia while an entrepreneur moved $ 89 million to the USDC in exchange, probably in short futures.
- Eternal funding rates for majors, including Bitcoin and Ether, are held flat-to-negative, indicating a careful emotion.
- BTC futures activity in CME remains covered while open interest in options that are located on a record of 61.44K BTC. Positioning ether futures and options remained elevated near lifelong peaks.
- In the derivit, put the skew in short and closely dated BTC options increased slightly to overnight trade. The flow to the OTC desk paradigm features a long position on Oct 18 Expiry of $ 108k BTC Put.
Token talk
By Oliver Knight
- former fetch.ai, has experienced a weakening week; Losing 43% of its value during a seller-off spurred by the Ocean Protocol decision to leave the alliance.
- “As many of you have seen, the ocean protocol has chosen to stay away from the Asi Alliance,” the company Write to x. “So, there is noticeable market activity involving large shifts of fet tokens from purses associated with ocean protocol to Binance.”
- The token suffered a flash crash on October 10 with the broader crypto market, but since then price action shows the behavior of ongoing sale, with little respect for consumers.
- The fet is now trading at $ 0.31, its lowest point in the two years of removing all bullish acquired in the recent bull market.
- At one point in 2024 it led $ 3.11 amid a wave of emotions related to AI, but it has not been a spark ever since.
- The move reflects AI’s bubbling nature, along with the IMF’s warning on Wednesday that if the AI bubble exploded it could compete with DOTCOM’s deadly crash.
