Bitcoin (BTC) has jumped from low Asian session low near $ 108,760 to over $ 110,000, but the prospects of sustained recovery appear to be gloomy as activity on chain points to a weak networking.
“The pricing is weakened by RSI close to the oversold zone and a Bearish MacD,” said Timothy Misir, head of research, children. “Spot CVD of – $ 199 million shows that sellers are in control of spot volume that signalizes a deficiency of demand bidding. Conversely, daily active addresses dropped to 692K (under the low tape), signaling weaker network participation.”
The wider market remains under pressure with Coindesk 20 and Coindesk 80 indexes down 2% and 1.7% on a 24-hour basis.
Derivatives Location
- Leveraged Crypto Bulls has been burned with futures -worth $ 940 million liquidated in the last 24 hours. More than $ 800 million were long positions by betting on price gains. Ether alone accounted for $ 320 million in liquidation.
- Still, the overall open interest (OI) in BTC remains elevated near life heights over 740k BTC. In Ether’s case, OI has withdrawn to 14 million ETH from 14.60 million ETH.
- Oi in Sun, XRP, DOGE, ADA and LINK also fell over the last 24 hours, indicating net capital flow.
- Despite the pricing volatility, the financing rates remain at most major tokens, exclusive shib, ada and sun, positive to suggest dominance of Bullish long positions.
- OI in the CME-LIGNED STANDARD BTC futures has fallen back to 137.3k from 145.2K, which turns the smaller jump from the beginning of this month. It shows that institutional interest in trade in these regulated derivatives remains low. Oi in options, however, has continued to rise and reach the highest since the end of May,
- CME’s Ether Futures Oi remains elevated to 2.05 million ETH, just shy for the record 2.15 million ETH on August 22. Meanwhile, OI in Ether settings is now at its peak since September last year.
- On dismissal, the impending outlet on several trillion on Friday shows a bias against BTC sets, indicating concerns that prices are set to fall further. The impending Ether outlet paints a more balanced image.
- Streams on the OTC desktop at Paradigm have been mixed, with strategies that directly put purchases and place spreads in BTC, as well as calls and risks in ETH.
Token Talk
- Blue-Chip NFT collections faced steep weekly losses as Ether (ETH) withdrew from record heights and dried more than 10% off the value of most top projects.
- Pudgy PenguinsThe leading collection at trade volume dropped 17% to a 10.32 ETH floor, which shows that even the sector’s strongest liquidity magnet could not escape the downturn.
- Bored Ape Yacht Club (Bayc) Lost 14.7% to 9.59 ETH while Doodles recorded one of the sharpest corrections that dropped 18.9% to 0.73 ETH.
- Secondary projects also dropped: Moonbirds dropped 10.5%and Lil pudgys Shred 14.6%, reflecting how the preaching cascaded across both flagship and derived collections.
- Cryptopunks Provided most resilient, loses only 1.35% during the week and emphasized its status as the market’s defensive benchmark when the risk appetite collapses.
- Despite lower -floors, trading activity remained high. Pudgy Penguins saw 2,112 ETH ($ 9.36 million) in weekly volume, followed by moonbirds (1,979 ETH), cryptopunks (1,879 ETH) and Bayc (809 ETH).
- The total NFT market capitalization shrunk almost 5% to $ 7.7 billion down from a top of $ 9.3 billion on August 13. The $ 1.6 billion fix highlights how fast capital flees when ETH is.
- The sharp contrast between elastic cryptopunks and sliding newer collections strengthens the appeal as a safety active. Its liquidity stops even when wider NFT floors collapse.
- For investors, the tax signals that NFT-Blue Chips remains high-beta ETH proxi, with only older projects such as cryptopunks showing the defensive value that makes them the safer long-term institutional efforts.
