Bitcoin After testing $70,000 during Wednesday’s wild session in the US, it settled down by Thursday Asian time to trade at $68,600.
As February draws to a close, the largest cryptocurrency remains within its month-to-date trading range, testing $62,500 on Tuesday and $71,100 on February 15th.
It is worth noting that Bitcoin broke out of a trading range similar to the top in January, and then over the next three weeks, the price fell from $98,000 to $60,000, catching breakout traders before forming the lower high of this recent bear cycle.
Several tokens have outperformed the broader altcoin market. HYPE has risen 4.3% since midnight UTC and is heading back toward $30, while Declining Privacy Token (DCR) has risen 4% to its highest level since November.
NVIDIA’s earnings report failed to generate sustained upside, and U.S. stock index futures were little changed, amid persistent concerns that AI is overvalued.
Positioning of derivatives
- Total open interest (OI) in the crypto futures market increased by more than 6.6% to nearly $100 billion. This is larger than the increase in cryptocurrency market capitalization and shows that new funds are flowing into the market.
- ADA futures and ETH futures stand out with OI increases of 21% and 15%, respectively. Several other altcoins saw a 9% rise.
- The over 3% growth in Bitcoin’s OI appears to be primarily due to spot price increases.
- The 30-day implied volatility indices for BTC and ETH, BVIV and EVIV, remain near their weekly lows, indicating market calm and supporting continued price gains.
- Annualized perpetual funding rates for most tokens, including Bitcoin and Ether, have stabilized at just above zero, indicating an emerging trend towards bullish long bets.
- At Deribit, Bitcoin’s price rebound created call option demand with a strike between $85,000 and $90,000. However, the options market as a whole continues to be biased toward puts, and there are signs that downside reserves remain.
- The $60,000 put option remains the most popular bet, with nominal open interest exceeding $1.4 billion.
token talk
- layer 1 token It gained 21% in the last 24 hours. The move subsided in European time, but investors were eager ahead of the network’s halving of fees scheduled for March.
- Uniswap’s governance token (UNI) also soared, rising 15%. The move is likely due to a new governance vote that proposes increasing the protocol’s revenue capture across multiple Layer 2 networks.
- One token that performed particularly poorly was down more than 6%, and the decline continued into European time. There is no clear bearish trigger behind this move, reflecting the persistent vulnerability of altcoins due to a lack of liquidity.
- virtual currency major And Ethereum (ETH) is up about 8.5% since Wednesday morning. According to Coinalyze, this move was interesting as open interest for both assets increased, suggesting they were backed by leverage rather than spot purchases.
