ADA and SOL Lead Futures Market Activity as SHIB Burn Rate Soars
Bitcoin (BTC) reached a record high of over $124,000, but momentum has since slowed due to profit-taking by long-term holders. Gains above $120,000 have been capped since mid-July.
The CoinDesk 20 Index increased by over 1% in 24 hours, while the CoinDesk 80 Index dropped more than 1%. Analysts note that Bitcoin's strength reinforces its role as a market anchor amid capital rotation towards Ethereum and other altcoins.
Derivatives Positioning
- ADA and SOL saw the largest increases in futures open interest among the top 10 tokens in the past 24 hours.
- Despite BTC reaching record highs, futures open interest is at 687K BTC, below July's peak of 742K BTC.
- The three-month annualized premium in BTC futures on CME is below 10%.
- The cumulative volume delta for most tokens is negative, suggesting seller dominance and questioning price gains sustainability.
- Markets for FART and FLR are overheated with perpetual funding rates exceeding 100%, indicating potential for a long squeeze.
- BTC options on Deribit show slight call bias due to OTM call selling, while ether options exhibit more pronounced call bias across all time frames.
- OTC network Paradigm indicates demand for BTC calls and short call spreads in ETH December expiry options.
Token Talk
- SHIB’s burn rate surged 48,244% in the last 24 hours, removing nearly 88 million tokens from supply.
- The largest single burn was 69,420 tokens in one hour.
- Prices are holding above the $0.000010 support level, seen as critical for maintaining bullish momentum.
- If buying pressure persists, SHIB could aim for $0.000020, double its current price.
- Shibarium activity remains strong with 1.51 billion total transactions and about 4.69 million daily.
- Sustained price gains depend on demand matching or surpassing the decreased supply.