Bitcoin the price is little changed over the past 24 hours despite a wave of selling pressure across multiple crypto exchanges. Lookonchain revealed that a long-term holder moved a $228 million stack of bitcoin to Kraken, while bitcoin miner MARA Holdings (MARA) transferred $58 million worth of BTC to Falcon X and Coinbase Prime.
The market absorbed this increased supply level as trading volume for BTC rose 5% to $81 billion.
Altcoin market underperformed bitcoin. Ether fell by 3.4% along with several other tokens, some of which, including canton (CC), fell by more than 10%.
Derivatives positioning
- Over $600 million in leveraged crypto futures positions have been liquidated in the last 24 hours, with the majority being long bets. This suggests that bullish leverage continues to relax.
- Still, open interest (OI) in ZEC, BTC, SOL and DOGE futures has increased, while XRP, ETH, ASTER, AVAX have seen capital outflows.
- Annualized funding rates in TRX and ZEC perpetuals remain negative, indicating a bias for shorts. The rest of the major cryptocurrencies are experiencing mildly positive rates.
- On the CME, OI in bitcoin futures has fallen to 133.25K, the lowest since late September. The overall positioning remains light, with the number well below the December 2024 high of over 200K BTC.
- ETH’s CME OI slide has stalled near 2 million ETH, down from the all-time high of 2.63 million in late October.
- On Deribit, call spreads and chokes have dominated blockflows. One large trade featured the November 28 expiration $90,000 put option. In ETH’s case, put spreads accounted for 43% of the 24-hour block flow.
Token talk
By Oliver Knight
- The altcoin market gave back much of Wednesday’s gains over the past 24 hours as ether fell by 3.4%, dragging several other tokens down with it.
- CoinMarketCap’s “altcoin season” indicator fell five points to 26/100 as bitcoin remained flat. The CoinDesk 20 (CD20) index was down 0.66%.
- In particular, there were a few deviations to the bearish market trend rose by more than 10% in the period as it staged a technical breakout, while zcash extended its two-month rally with a gain of 8.7%.
- Base founder Jesse Pollak said he planned to issue a token on Thursday under the ticker JESSE. The move attracted skepticism because Pollak had previously shared a number of “content tokens”, all of which quickly lost value after being revealed.
- “Content coins track short-term attention, creator coins track long-term content,” Pollak wrote on X in response to concerns. “Value paired together they create a flywheel that puts ownership, control and upside in the hands of creators and their followers. With $jesse, my flywheel will be complete.”
- Memecoins and viral tokens, of which JESSE could be considered an example, have underperformed the broader market in recent months. The CoinDesk Memecoin Index (CDMEME) is down more than 40% since September, while the CoinDesk20 is down about 30% over the same period.
