Bitcoin and Ether Recover from Overnight Lows Ahead of FOMC Minutes
Bitcoin and ether recovered from overnight lows, although U.S. stock index futures fell and Japanese bond yields reached multidecade highs, potentially affecting riskier assets.
The CoinDesk 20 Index declined by 1.5%, while the CoinDesk 80 Index dropped by 1.4%. Traders are awaiting minutes from the latest Federal Reserve meeting and observing the Treasury General Account's rebuilding process, which may impact asset prices.
Derivatives Positioning
- Liquidations of leveraged crypto futures reached $448 million in the past 24 hours, predominantly long positions.
- Open interest has decreased for BTC, DOGE, and XRP, but LINK, HYPE, and SUI saw increases.
- Perpetual funding rates remain mildly positive for most cryptocurrencies, indicating a preference for long positions, except for ADA and XMR.
- CME Solana futures open interest is near record highs above 4.6 million SOL, with an annualized three-month premium rising to 16%.
- BTC open interest is recovering, currently at 145.76K BTC, while ETH approaches 2 million ETH.
- On Deribit, short-dated BTC and ETH puts trade at a premium to calls, reflecting downside risks concerns.
- Increased activity in put options for bitcoin and ether noted on the OTC network Paradigm.
Token Talk
- Pump.fun, a Solana token issuance platform, has achieved over $800.6 million in lifetime revenue, primarily from its 1% swap fee.
- Pump’s ICO raised $600 million in 12 minutes, and it is conducting buybacks to stabilize trading.
- LetsBonk's revenue has dropped below $30,000 daily, down from $1 million earlier this month.
- New platform Token Mill aims to gamify volatility with a mechanism that buys and burns high-volume tokens every 30 minutes.
- Solana lost its status as the leading memecoin chain to Coinbase's Base, which hosted nearly 58,000 new memecoins compared to Solana's 33,000.