Bitcoin and Ether Maintain Gains as Ethena Reaches $11.9B TVL
The global crypto market cap increased by 2% to $4.03 trillion, driven by gains in major cryptocurrencies:
- Bitcoin rose by 2.3% to $118,527
- Ether increased by 0.7% to $4,293
- Solana and XRP each advanced by 4.4%
- Dogecoin gained 4.7%
These rallies coincided with significant short liquidations and improved risk sentiment.
Derivatives Positioning
- Futures open interest in major tokens decreased, indicating capital outflow due to unwinding long positions.
- XMR's perpetual futures funding rates exceeded 200%, prompting potential arbitrage strategies.
- Funding rates for other major tokens are around 10%, showing a moderately bullish bias.
- Open interest in ETH futures rose to 1.70 million ETH on CME.
- BTC open interest remained steady at 138K BTC, the lowest since April.
- BTC options show a slight bias toward puts, while ETH options indicate a bullish trend.
- ETH's implied volatility steepened; BTC's remained unchanged. OTC desk Paradigm saw substantial trading volume of $3.3 billion.
Token Talk
- Ethena reached $11.89B in total value locked (TVL), becoming the sixth DeFi protocol over $10B and attracting yield-focused investors.
- USDe maintains a $1 peg with a market cap of $10.48B and 24-hour volume of $371.97M.
- Polymarket will move from OOV2 to MOOV2 oracle after governance approval to reduce disputes and manipulation.
- Pudgy Penguins secured branding at the Singapore Grand Prix, with PENGU token gaining 55.1% over 30 days despite a recent dip.