Bitcoin Drops Below $115,000 as PENGU Open Interest Hits Record

Market Overview

Bitcoin's price fell from above $116,000 to below $115,000 despite stable Dollar Index and expectations of a Fed rate cut.
Analysts remain optimistic about BTC reaching new highs and potential gains in tokens like HYPE, SOL, and ENA.
Smaller tokens such as MYX, HASH, PENGU, PUMP, and MNT have gained over 10% this week.
The CPI and job data suggest an easing narrative, beneficial for crypto short-term.

Derivatives Positioning

Futures open interest for top cryptocurrencies rose by 3%-5% due to anticipated Fed rate cuts.
Funding rates remain around 10%, indicating bullish sentiment without market overheating.
PENGU open interest reached a record high, with funding rates slightly elevated at 15%.
SKY and PYTH show deeply negative funding rates, indicating bearish positions.
CME bitcoin futures see increased open interest, while ether open interest has declined, suggesting renewed focus on BTC.
On Deribit, options for BTC and ETH show a preference for puts until December, even with expected rate cuts.

Token Talk

A Thorchain founder was hacked via a deepfake Zoom call, losing $1.2 million.
The hack involved social engineering and phishing, contributing to a total of $2.5 billion lost to hacks in the first half of 2025.
Thorchain (RUNE) is trading at $1.28, down 14% over the past month and more than 90% since its March 2024 peak.
Thorchain is identified as a tool used in North Korea's crypto laundering operations.