Cryptocurrencies struggled to mirror bullish movements in stocks and precious metals on Wednesday, with BTC sent a modest win while trading for $ 112,000, sometimes of its reach.
Altcoin’s priested even worse when FET fell by 6.2%after Ocean Protocol decided to leave the Asi alliance and allegedly read its tokens on binance. There was also a decrease of 10% for MYX and a 4% relocation to the disadvantage of cake such as “Altcoin Season” index at CoinMarketcap fell to 38/100, despite being 67/100 earlier this month.
Derivatives Location
- XPL, Aster, SUI and LINK have experienced a remarkable increase in Futures Open Interest, while the top 10 tokens generally present a mixed performance.
- A whale address, labeled 0xc2A3, opened a 5x card in BTC worth $ 140 million on Hyperliquid.
- BTC Futures Open Interest on Binance jumped with $ 510 million in the Asian hours when a trader moved $ 89 million in USDC to the exchange, possibly to short futures.
- Perpetual financing rates for majors, including bitcoin and ether, kept flat to negative, which involves a cautious mood.
- BTC Futures activity on CME remains muted, while the open interest in settings zoomed in to a record height of 61.44K BTC. Positioning in ether futures and options remained elevated near lifetime tops.
- On derived, Skew set in short and almost dated BTC settings slightly during the trade overnight. Streams over the OTC Desk Paradigm contained a long position in October 18th expired $ 108K BTC put.
Token Talk
By Oliver Knight
- Former fetch.ai, has a nasty week; Losing 43% of its value during a sale spurred by Ocean Protocol’s decision to leave the alliance.
- “As many of you have seen, Ocean Protocol has chosen to walk away from the ALLANCE,” the company wrote at X. “In parallel, there has been a noticeable market activity involving large transfers of FET -tookens from wallets associated with Ocean Protocol to Binance.”
- The token suffered a flash accident on October 10 with the wider crypto market, but since then the price has shown the behavior of sustained sales, with little to no respite for buyers.
- FET now deals with $ 0.31, the lowest point of two years has eroded all the bullish gains over the recent bull market.
- At one point in 2024 it had topped $ 3.11 in the middle of a wave of AI-related bullish atmosphere, but it has been missing a spark ever since.
- The move reflects AI’s bubbling nature with the IMF warning on Wednesday that if the AI bubble jumped, it could compete with the notorious Dotcom crash.
