Bitcoin Dominance Falls to 57% as Hyperliquid Volume Reaches $3.4B
Bitcoin's price has retraced to levels prior to Fed Chairman Jerome Powell's dovish remarks, with potential further losses if support near $107,500 fails. A shift in market dynamics indicates a rotation from Bitcoin to Ether, with BTC dominance decreasing from 60% to 57%. Expectations for Ether may strengthen if staking ETFs receive approval.
Derivatives Positioning
- Global futures open interest for BTC and HYPE increased by 1% and 3%, respectively.
- Cumulative open interest in USD and USDT perpetual futures remained flat despite price rallies; however, BTC open interest rose from 260,000 to 282,000.
- Ether's open interest increased during the recent price rally but has receded, suggesting a bullish pause rather than bearish sentiment.
- Most tokens, except ADA, show positive funding rates, favoring long positions.
- Altcoin futures open interest surged over $9.2 billion in one day, reaching a total of $61.7 billion.
- Ether options open interest on CME hit a record high of over $1 billion, while BTC options rose to $4.85 billion, the highest since April.
- On Deribit, there is a bias towards put options for BTC, contrasting with bullish sentiment post-Powell's comments.
Token Talk
- Hyperliquid reached a new 24-hour spot volume record of $3.4 billion, becoming the second-largest platform for BTC trading.
- This growth enhances Hyperliquid’s appeal for institutional trading due to its robust infrastructure.
- High spot volumes benefit HYPE token holders through regular buybacks funded by trading fees.