The crypto market started to establish a support level on Thursday after a turbulent couple of weeks.
Bitcoin and ether showed small gains; rose 1.6% and 1.1% respectively, and tokens including BNB and SOL posted even bigger moves to the upside.
The star of the show was which rose 12% after HyperLiquid Strategies said it is looking to raise $1 billion to buy the token.
The relative lack of volatility on Thursday compared to price action over the past few weeks is also reflected in derivatives data, with funding rates hovering around zero.
Derivative positioning
By Omkar Godbole
- Open interest (OI) in HYPE futures rose 17% in 24 hours to hit a two-week high of 40.24 million HYPE. With an increase in price and positive fund rates, the increase indicates increasing demand for leveraged bullish exposure.
- OI in BTC and ETH is barely changed, a sign that traders are reluctant to place bets ahead of Friday’s US CPI release.
- Volmex’s BVIV, which measures the annual 30-day implied volatility in BTC, has pulled back slightly to 50%, but remains well above the September low of 35%. The elevated level reflects ongoing concerns arising from newfound risks such as automatic deleveraging and liquidity problems.
- Funding rates for major cryptocurrencies continue to hover near zero as a sign of balanced market conditions. XMR and BNB yields are slightly negative, indicating a bearish short bias.
- On Deribit, flows contained BTC put spreads. Overall, puts continue to trade at a premium to calls.
Token Talk
By Francisco Rodrigues
- Jupiter’s native token, JUP, rose more than 3% in the last 24 hours after the decentralized exchange posted strong growth across key business metrics in the third quarter.
- The Solana-based project is also pushing to launch its own stablecoin and prediction market.
- Quarterly revenue rose 19.2% to $45.8 million, while trading volume, driven by both spot and perpetual products, rose 71% to $242.8 billion.
- Fees generated reached $121.5 million, an increase of nearly 48% over the second quarter. Despite the growth, JUP’s market value fell by 1.5% to 1.35 billion.
- Jupiter attributed the growth to the rollout of new products, including its Ultra v3 trading engine and a lending protocol that the team says is one of the fastest growing at Solana. Active wallets increased 5% to 8.4 million and total value locked (TVL) increased 41.7% to $3.4 billion.
- JUP outperformed the broader crypto market, which rose 1.6% based on the performance of the CoinDesk 20 (CD20) index.
